Institutional Property Advisors (IPA), a division of Marcus & Millichap, has represented TA Realty in Miami in the sale of a four story office building in Waterford at Blue Lagoon corporate office park. The firm secured a sales price of $10.55 million for the 57,565 square foot office building located at 5835 Blue Lagoon Drive. The asset was built in 1988 and is currently 71.5 percent leased and features a two story lobby, ample parking and a private helipad. IPA also found the buyer, a private client of Wells Fargo Bank.
āThe competition for the asset was very strong, as it presented a rare value-add opportunity in a sub-market with very little vacancy. In fact, the market is so tight that it is one of the few markets in South Florida where speculative office construction is underway with the Hogan Groupās recent groundbreaking of Waterford Way, a 10-story building,ā says Douglas K. Mandel, senior managing director investments IPA.
