MIAMI, April 25, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, as exclusive advisor, is pleased to offer for sale 5835 Blue Lagoon, a four-story, 57,565-square-foot office building located in Miami’s Waterford at Blue Lagoon corporate office park. The price is open bid.
“The offering is an opportunity to purchase an office asset with occupancy currently below the submarket average and lease it up without significant need for property enhancements,” says Douglas K. Mandel, IPA senior managing director investments. “Over the last five years, average rents for office buildings within the Waterford at Blue Lagoon business park have increased 17 percent.”
Mandel and Benjamin Silver, IPA director, are representing the seller.
“Waterford at Blue Lagoon’s 22 office buildings present a competitive alternative to Brickell, Downtown Miami, Coral Gables and Miami Beach where rents are significantly higher for similar-class assets and accessibility is more difficult,” comments Silver. “One of Miami’s most centrally located and visible business parks, Waterford at Blue Lagoon is ideal for commuters who feed in from all across the county.”
The corporate business park is situated just south of Miami International Airport along the Dolphin Expressway, which is Miami’s main east-west expressway, and fronts Blue Lagoon Drive. The park offers a variety of amenities within walking distance, including hotels, restaurants and banks. Companies in the park include FedEx, Sony Latin America, Airbus, Estée Lauder, Burger King, Pepsi, Novartis, and Marriot Hotels and Resorts.
Built in 1988 and currently 71.5 percent occupied, 5835 Blue Lagoon features an elegant two-story lobby, a private helipad and ample parking. Tenants include Volvo, Interpublic Group, Digital Communications Technologies, Cermaq US, Keith & Schnars, and Professional Solutions Home Health Agency.