Ivy Realty sells Blue Lagoon office building for $30M

The property traded for nearly double its last sales price

Miami /
Jan.January 10, 2020 04:30 PM
6205 Blue Lagoon Drive and Ivy Realty Co-CEO Russell Warren (Credit: Google Maps)

6205 Blue Lagoon Drive and Ivy Realty Co-CEO Russell Warren (Credit: Google Maps)

Ivy Realty sold an office building in the Blue Lagoon office park near Miami International Airport for $30.2 million, almost doubling its last sales price.

Montvale, New Jersey-based Ivy Realty sold the 129,444-square-foot office building at 6205 Blue Lagoon Drive for $233 per square foot, records show. JB Waterford LLC, which is tied to William Holly of Coral Gables, purchased the property.

The building, known as the Waterford Centre, sits on a 4-acre lot. Ivy purchased the property for $16.25 million in 2012.

The Class A office building was built in 1999 and is part of the same office park where Burger King has its headquarters. Lennar Corp. is also planning to move its headquarters to the office park.

Last week, Holly purchased the former headquarters of Shoma Development in Doral.

Ivy Realty is active in South Florida. In November, the company sold two Deerfield Beach office buildings for $27.65 million. In February, Ivy Realty sold four commercial buildings totaling about 247,000 square feet at 712 South Military Trail to Brookfield Property Partners for $36.3 million.


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