Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 5835 Waterford at Blue Lagoon, a four-story, 57,565-square-foot office building located in Miami’s Waterford at Blue Lagoon corporate office park, according to Douglas K. Mandel, a senior managing director investments in the firm’s Fort Lauderdale office.
“The competition for the asset was very strong, as it presented a rare value-add opportunity in a sub-market with very little vacancy. In fact, the market is so tight that it is one of the few markets in South Florida where speculative office construction is underway with the Hogan Group’s recent groundbreaking of Waterford Way, a 10-story building,” says Mandel.
Mandel and Benjamin H. Silver, first vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of TA Realty, and procured the buyer, a private client of Wells Fargo Bank.
5835 Waterford at Blue Lagoon is located at 5835 Blue Lagoon Drive in Miami. The property is a four-story office building located within the Waterford at Blue Lagoon Business Park, one of Miami’s premier office parks. The office building was built in 1988 and is currently 71.5 percent occupied. 5835 Blue Lagoon features a two-story lobby, ample parking and a private helipad.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) continues to exceed the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.
