The Real Deal Miami

MetLife sells Blue Lagoon portfolio

December 23, 2011 12:12PM

MetLife has sold the West Building Portfolio in the Waterford at Blue
Lagoon office complex in Miami, according to Cushman & Wakefield,
which represented the company in the transaction. The portfolio includes
five buildings on Blue Lagoon Drive. The buyer was DRA Fund VII. The terms of the deal were not disclosed. The properties were built between
1982 and 1988, and had been institutionally owned since their
completion. “These buildings were well-maintained and upgraded during
MetLife’s ownership period, which really makes a difference in the
quality of the assets DRA purchased,” said Cushman’s Mark Gilbert. “The
assets are in a condition that allows DRA to take advantage of
Miami-Dade County’s recovering real estate and employment markets.”
Gilbert, Mike Davis and Adam Feinstein were the exclusive brokers for
MetLife on the deal. MetLife remains the owner of three other buildings
in the park.  — Alexander Britell