William Holly Buys Another Miami-Dade Office Building

Jan 12, 2020 No Comments by

Revised January 15, 2020


Ivy Realty sold Waterford Centre at Blue Lagoon, a Class A, 91,431-square-foot office building in the recently rebranded Waterford Business District corporate park.

JB Waterford, LLC, an affiliate of Coral Gables, FL-based Patton Real Estate Group, an entity tied to William Holly, acquired the asset for $30.4 million, or $332 per square foot.

Ivy Realty originally acquired Waterford Centre in a 2014 entity sale for $21.9 million.

The Greenwich, CT-based investor was represented in the disposition by the Cushman & Wakefield capital markets team of Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Mike Davis, and Stuart Kapp of Kapp Morrison LLP.

Waterford Centre at Blue Lagoon is a six-story, institutional-grade office building developed in 1999 on a 3.98-acre site at 6205 Blue Lagoon Drive in Miami’s Waterford Business District, a 250-acre master-planned, mixed-use park located directly across the Dolphin Expressway from the Miami International Airport. The park comprises 22 office buildings totaling more than 3.3 million square feet, as well as four hotels, numerous restaurants, banking facilities, a day care center and a U.S. Post Office branch.

The building was 88.8% occupied at the time of sale. Notable tenants include The Parker Company, CheckAlt, Travel Traders and Cardinia Real Estate LLC (Omnicom Goup).

The Class A office building was built in 1999 and is part of the same office park where Burger King has its headquarters. Lennar Corp. is also planning to move its headquarters to the office park.

On December 30, Holly purchased a 59,727-square-foot office building in Doral.


Source:  The Real Deal



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