Miami Office Building Trades For $284 PSF

Mar 20, 2017 No Comments by

JLL represented 5820 Blue, LLC in the sale of a 27,080-square-foot office building in Miami’s Airport West submarket for $7.7 million, or about $284 per square foot.

JLL Vice President Jorge L. Morales served as the listing broker for the seller completing the property’s sale.

An entity associated with Immigration Group purchased the three-story office building located at 5820 Blue Lagoon Drive and will serve as the anchor tenant occupying two floors, while existing tenant G4S will remain occupying the entire third floor.  The building’s new ownership was represented by Fortune International’s Wolfgang Herz and Ricardo Du Pond.

Morales said the new ownership plans to market a highly desirable bank branch to take space in the first level, as the office building has drive thru lanes that make it ideal for a bank tenant.

 

“We strategically positioned this premier asset for owner occupants in order to achieve maximum value for our client,” Morales said. “This sale speaks to the continued strength of the South Florida investment market, particularly areas with strong fundamentals like Blue Lagoon, and the desire of occupants to own their own real estate.”

In the Blue Lagoon area, investors have been acquiring well-positioned office properties for the past 12 months. For example, this past February, 5959 Blue Lagoon Drive anchored by Mapfre sold for $13.14 million, or $167 per square foot, and in May of last year, Connecticut-based Ivy Realty acquired a portfolio of five commercial properties at the Waterford at Blue Lagoon business park for a combined $68.25 million, or $187 per square foot. The buildings are located at 5757, 5775, 5805, 6101 and 6161 Blue Lagoon Drive.

 

 

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Industry News, Miami-Dade County Office, NA, Office
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