The office buildings range in size from 60,338 square feet to 88,835 square feet, each with an attractive four-story, mid-rise profile. The office properties offer floor plates averaging 15,000 square feet for buildings 5757, 5775, and 5805, and 22,000 square feet for buildings 6101 and 616. The portfolio was 79% occupied at the time of sale with national and regional companies making up nearly 60% of the tenancy.

Waterford at Blue Lagoon is a 250-acre master-planned, mixed-use, business park directly across the Dolphin Expressway from the Miami International Airport. The park includes 20 office buildings and more than 2.8 million square feet of development, including four hotels, numerous restaurants, banks, a Publix supermarket and a US Post Office branch.

While rents have risen dramatically in the surrounding submarkets of Airport West, Brickell, Downtown and Coral Gables, tenants seeking more moderately priced, centrally located office space have migrated to Waterford. The park's position southeast of the Dolphin Expressway and Palmetto Expressway interchange offers access for tenants commuting from Coral Gables, Brickell and Downtown Miami.

More investors are turning to class B and class C office assets. Get all the details.

MIAMI—A five-building office portfolio in Miami's Waterford at Blue Lagoon Business Park has traded hands. The sale price: $68.25 million, or $190.92 per square foot.

Cushman & Wakefield executive directors Mike Davis and Scott O'Donnell, along with senior directors Michael Lerner, Rick Brugge, Dominic Montazemi and director Miguel Alcivar, represented the seller, a fund managed by DRA Advisors. Ivy Realty acquired the portfolio.

“This portfolio offered an exceptional value-add opportunity in Miami's premier mixed-use office park,” Davis tells GlobeSt.com. “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.”

The office portfolio totals 357,466 square feet and was built between 1982 and 1988. The five office buildings are located at 5757, 5775, 5805, 6101 and 6161 Blue Lagoon Drive.

The office buildings range in size from 60,338 square feet to 88,835 square feet, each with an attractive four-story, mid-rise profile. The office properties offer floor plates averaging 15,000 square feet for buildings 5757, 5775, and 5805, and 22,000 square feet for buildings 6101 and 616. The portfolio was 79% occupied at the time of sale with national and regional companies making up nearly 60% of the tenancy.

Waterford at Blue Lagoon is a 250-acre master-planned, mixed-use, business park directly across the Dolphin Expressway from the Miami International Airport. The park includes 20 office buildings and more than 2.8 million square feet of development, including four hotels, numerous restaurants, banks, a Publix supermarket and a US Post Office branch.

While rents have risen dramatically in the surrounding submarkets of Airport West, Brickell, Downtown and Coral Gables, tenants seeking more moderately priced, centrally located office space have migrated to Waterford. The park's position southeast of the Dolphin Expressway and Palmetto Expressway interchange offers access for tenants commuting from Coral Gables, Brickell and Downtown Miami.

More investors are turning to class B and class C office assets. Get all the details.