TA Realty sells Waterford at Blue Lagoon building to NY firm for $11M

TA Realty sold the building at a slight loss from its 2011 purchase price

5835 Blue Lagoon Drive
5835 Blue Lagoon Drive

TA Realty just sold an office building at the Waterford at Blue Lagoon office park in Miami for $10.55 million, property records show.

The buyer is Blue Lagoon Investments LLC, an Islip, New York-based entity controlled by Doug Davis.

The four-story, 57,565-square-foot office building at 5835 Blue Lagoon Drive traded for about $180 per square foot. Records show the Boston-based asset manager sold the property at a loss: it paid $11 million for the building in 2011.

The building was built in 1988 and is 71.5 percent leased, according to a press release. Features include a two-story lobby and a private helipad. Marcus & Millichap’s Douglas Mandel and Benjamin Silver represented the seller.

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Main tenants in the building include Volvo Group North America, Florida Department of Education and The Interpublic Group of Companies, an advertising company.

Some neighboring notable tenants at the Waterford at Blue Lagoon office campus include Club Med, Discovery Channel Latin America, Johnson & Johnson, Loreal Retail Americas, Oracle and Regus.

TA Realty has been active on the selling side in South Florida. It recently sold a portfolio of office and warehouse space in Miami-Dade for $60 million. Last year, the firm also sold the Centurion Tower in West Palm Beach for $26 million, and the Northpoint Corporate Center, also in West Palm, for $15 million.