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
CP Group Managing Partner Angelo Bianco, DRA Advisors President and CEO David Luski and Miami Tower at 100 Southeast Second Street (CPGCRE, DRA Advisors, Google Maps)
CP Group, DRA Advisors buy Miami Tower for $164M
CP Group, DRA Advisors buy Miami Tower for $164M
Ilya Karpov with 3026 North Bay Road
Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
Long Light Capital's Justin Korsant with 45 East Dilido Drive (Getty, Mike Ruiz)
Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
José Isaac Peres with 57 Ocean penthouse (Multiplan Real Estate Asset Management, 57 Ocean, iStock)
Brazilian billionaire developer’s 57 Ocean PH sells for record $37M
Brazilian billionaire developer’s 57 Ocean PH sells for record $37M
Real estate investor Michael Klinger and 56 Bal Bay Dr, Bal Harbour (Zillow, Jon Mann/Jills Zeder Group)
Investor buys waterfront Bal Harbour mansion for $15M, plans to renovate it and flip it for $30M
Investor buys waterfront Bal Harbour mansion for $15M, plans to renovate it and flip it for $30M
Larry Ellison and Jim Clark and 2000 South Ocean Boulevard (Getty, Sotheby’s)
Oracle founder Larry Ellison pays $173M for Jim Clark’s Manalapan estate
Oracle founder Larry Ellison pays $173M for Jim Clark’s Manalapan estate
901 North Ocean Boulevard (Zillow) Flips, 22 Million
Oceanfront Palm Beach estate flips for $86M in nine months
Oceanfront Palm Beach estate flips for $86M in nine months
Omar Horev and 4525 Pine Tree Drive (Getty, Redfin/Oren Alexander)
Pura Vida owner flips waterfront Miami Beach teardown for nearly $14M
Pura Vida owner flips waterfront Miami Beach teardown for nearly $14M
arrow_forward_ios

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

Loading...