“New Boston Fund's strategic purchase of the asset at 78% occupancy during the recession in 2012 has paid off,” says CBRE vice chairman Christian Lee. “The company believed in the asset and the market, made judicious capital improvements, and stabilized the rent roll with several high quality tenants. That, along with the fact that market rents have risen considerably over the past year, allowed them to achieve their investment goals in under two years.”

Waterford Centre is located within the leading Waterford at Blue Lagoon Business Park. Fronting the Dolphin Expressway and directly across from Miami International Airport, the park is the premier corporate park in the state of Florida.

The 250-acre park offers quality suburban office and consistently outperforms the market as a whole. This location has historically been, and continues to be, a choice destination for the Latin American headquarters for the world's largest international tenants, pulling executives from around the globe.

“We have effectively positioned Waterford Centre as an ideal home for major multinational corporate users,” says Tere Blanca, president and CEO of Blanca. She called the lease up a “testament to the quality of the asset and its ownership.”

With help from Blanca, New Boston increased the building's occupancy to 91% leased. The building has a diverse mix of national and international tenants, including McAfee (a subsidiary of Intel), Whirlpool Corporation, Travel Traders, Xerox Corporation, and Remy Cointreau.

The Miami-based CBRE team representing New Boston Fund included Lee and José Lobón with CBRE's Capital Markets Institutional Group; and Charles Foschini and Chris Apone with CBRE's Debt & Structured Finance Group. Blanca executive vice president Danet Linares assisted the CBRE team. New Boston does not disclose sale prices for its transactions.