Waterford At Blue Lagoon Office Buildings Sell

Five buildings in the Waterford at Blue Lagoon office park sold for nearly $44 million, according to Miami-Dade County records.
New York-based insurance giant MetLife sold the buildings for about $118 per square foot Tuesday. Miami-Dade recorded the sale of the buildings, which total 372,673 square feet, Wednesday.
MetLife owned a total of eight buildings in the park, located at 5757, 5775, 5805, 6100, 6101, 6161, 6303 and 6505 Blue Lagoon Drive.
Taylor & Mathis is the leasing representative for MetLife’s Waterford properties, as well as Wells Fargo Center, the 47-story, 750,000-square-foot office tower located at 333 Avenue of the Americas, which was developed as the second phase of Metropolitan Miami, a joint venture between MDM Development and MetLife. MetLife recently bought out its partner’s stake in the downtown Miami office tower and is now sole owner.
The buyer is G&I VII Waterford, an affiliate of New York-based DRA Advisors, according to county records. DRA has had a longtime presence in the South Florida office market, including an ownership stake in Trade Centre South.
In fact, G&I VII Trade Centre South LLC, the affiliate of DRA Advisors that owns Trade Centre South, a 535,179 square-foot office complex located at  100 W. Cypress Creek Road, recently obtained a $15.5 million loan from Wells Fargo.
Source:  DBR