Ivy Realty snaps up five buildings in Miami airport business park: $68M

Miami /
May.May 18, 2016 04:30 PM

Ivy Realty, a commercial investment firm headquartered in Connecticut, just carved off a big piece of Miami’s Waterford at Blue Lagoon business park in exchange for $68.25 million.

The company purchased five 1980s-era office buildings in the park from a fund managed by DRA Advisors, listing brokerage Cushman & Wakefield announced Wednesday.

Included in the sale were the four-story buildings at 757, 5775, 5805, 6101 and 6161 Blue Lagoon Drive. They range in size from 60,338 square feet to 88,835 square feet, and altogether house roughly 357,466 square feet of space. The sale breaks down to nearly $191 per square foot.

County records show the DRA-managed fund first bought the portfolio from the Metropolitan Life Insurance Co. in 2011 for $43.86 million, or just under $123 per foot.

Ivy financed its purchase with a $50.5 million loan from CIBC World Markets. Those funds will help Ivy pay for improvements to the buildings, as well as covering leasing costs as it stabilizes the portfolio.

According to Cushman & Wakefield, properties in the business park are attractive investments because it will continue to draw tenants who want a central location but don’t want to pay Brickell or Coral Gables prices.

“With modest common area upgrades, new ownership will be able to favorably position these assets to capitalize on the rapidly growing demand for high-quality space in the Waterford at Blue Lagoon micro-market,” Mike Davis of Cushman & Wakefield said in the announcement.

He, along with his colleagues Scott O’Donnell, Michael Lerner, Rick Brugge, Dominic Montazemi and Miguel Alciva, were the agents on DRA Advisors’ side of the deal. On Ivy Realty’s side, Cushman & Wakefield’s Jason Hochman Michael Ryan and Brian Linnihan helped the firm secure its financing.

The 250-acre Waterford at Blue Lagoon business park has seen a lot of activity in recent months: Academic pension manager TIAA sold off a 49 percent stake in its six Waterford buildings to Allianz Real Estate of America for a whopping $375 million in February.

On top of that, two new buildings are now under construction, with Burger King building a brand new 150,000-square-foot headquarters, plus a 250,000-square-foot speculative building that TIAA and Allianz broke ground on in February. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
John Howard Kunkel with 1030 Stillwater Drive (LinkedIn, Google Maps)
50 Eggs restaurateur John Kunkel buys waterfront Miami Beach home
50 Eggs restaurateur John Kunkel buys waterfront Miami Beach home
FleetCor Technologies' Ronald Clarke and 194 Spyglass Court (Ceridian, Google Maps)
Billionaire CEO buys waterfront next-door Jupiter mansion
Billionaire CEO buys waterfront next-door Jupiter mansion
Fischer & Co's Cliff Fischer with 100 Royal Palm Way PH-1
Cliff Fischer buys oceanfront Palm Beach penthouse for $15M
Cliff Fischer buys oceanfront Palm Beach penthouse for $15M
Jane Holzer with 980 S Ocean Boulevard (Getty)
Warhol star Baby Jane Holzer’s planned Palm Beach mansion advances
Warhol star Baby Jane Holzer’s planned Palm Beach mansion advances
Juan and Ophelia Roca and 10321 E Broadview Drive in Bay Harbor Islands (Facebook/Philanthropy Miami, Michele Tessler Berlowitz)
Miami City Ballet benefactors buy Bay Harbor Islands teardown
Miami City Ballet benefactors buy Bay Harbor Islands teardown
1001 North Shore Drive (Google Maps)
Whitmans sell waterfront Miami Beach home
Whitmans sell waterfront Miami Beach home
Stephen Benjamin with 1200 North Ocean Boulevard (North Sails, Daniel Petroni)
Olympic sailor sells waterfront Gulf Stream estate for record $16.5M
Olympic sailor sells waterfront Gulf Stream estate for record $16.5M
U.S Healthcare's Leonard Abramson with 406 Mariner Drive
Former insurance titan sells waterfront Admirals Cove home in Jupiter
Former insurance titan sells waterfront Admirals Cove home in Jupiter
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...