Waterford Company Centre at 5835 Blue Lagoon Generate (Getty)
Accounting agency Benitez & Co.’s principals rang up a $16.9 million purchase in Miami’s Blue Lagoon neighborhood, obtaining a 4-story office environment creating with a helipad.
Juan and Maria Benitez acquired the approximately 61,000-sq.-foot Waterford Company Centre at 5835 Blue Lagoon Push, said their broker, Manny Chamizo III with A single Sotheby’s Global Realty. The deal breaks down to about $276 a square foot.
Cary Cohen with Blanca Industrial Actual Estate represented the vendor, an entity managed by Doug Davis of Islip, New York. In 2017, Davis bought the setting up from TA Realty for $10.5 million, information present.
Miami-based mostly Benitez & Co. will be moving its headquarters from 9100 Coral Way into Waterford Corporate Centre, Chamizo stated.
“They were being searching at a number of other qualities,” he claimed. “This became the top rated a person because of the high-quality of the making, its place and the tenant quality.”
The house hit the market place in July with out an inquiring price tag, Cohen explained.
“We experienced around 10 delivers,” he explained. “The purchasers did upfront due diligence…and were being very aggressive in seeking to obtain the residence.”
Completed in 1998 and renovated in 2019, Waterford Company Centre is 97 percent leased with a tenant roster that consists of the U.S. Office of Commerce, the Florida Department of Schooling, Volvo Team North America and Globe Trade Middle Miami, in accordance to an offering.
The consumer can raise the building’s money by a bare minimum of 25 percent by increasing rents as leases rollover, the offering states.
A spreadsheet hooked up to the featuring reveals projected yearly rental revenue of $1.3 million and approximately $750,000 in fees in between this November and October of future 12 months. A 10-year professional-forma exhibits the new landlord could be raking in $2.6 million in annual rental profits by the stop of the ten years, although full bills would not exceed $790,000.
Miami’s Blue Lagoon neighborhood is a combine of office, multifamily and hotel qualities fronting a lagoon adjacent to the Dolphin Expressway and Miami Worldwide Airport. In April, Miami-dependent Valoro Capital paid $18 million, or $218 a square foot, for a nine-tale office environment making in close proximity to Blue Lagoon. Very last year, Greenville, South Carolina-based RealOp Investments purchased three office structures in Blue Lagoon’s Waterford Business District for $110.1 million.
In 2020, Ivy Realty, a Montvale, New Jersey-primarily based actual estate expense firm, bought a Blue Lagoon workplace setting up for $30.2 million, or $233 a square foot.
