Cushman & Wakefield Brokers $68M Sale of Office Portfolio in Miami
MIAMI — Cushman & Wakefield has brokered the $68 million sale of a five-building office portfolio at Waterford at Blue Lagoon Business Park in Miami. Built between 1982 and 1988, the portfolio totals 357,466 square feet. Mike Davis, Scott O’Donnell, Michael Lerner, Rick Brugge, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, a fund managed by DRA Advisors LLC, in the transaction. Ivy Realty acquired the portfolio, which was 79 percent occupied at the time of sale with nearly 60 percent of the tenancy consisting of national and regional companies. Jason Hochman, Michael Ryan and Brian Linnihan of Cushman & Wakefield arranged $50.5 million in acquisition financing through CIBC World Markets on behalf of Ivy Realty. The loan includes funds for Ivy Realty’s capital improvement plans and future leasing costs to stabilize the buildings.