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Waterford Centre
Miami, FL 33126

Acquired

6/19/2012

Location

The property is situated within Waterford at Blue Lagoon Business Park, Miami’s premier suburban office park in the most desirable area of the Airport West submarket. The office park is home to more than 100 multinational companies, including the regional or South American headquarters of numerous Fortune 500 businesses. Waterford Centre offers great visibility and an excellent location immediately south of and adjacent to Miami International Airport with frontage along the Dolphin Expressway (SR 836).

Description

Waterford Centre is a 91,285 square foot Class A suburban office property at the Blue Lagoon Business Park in Miami, FL. The six story multi-tenant office building was constructed in 1999 with an adjacent 2 level parking structure which accommodates 219 cars and a surface lot for 207 cars. At acquisition, the asset was 74% leased with 32% rollover through 2014.

Investment Rationale

  • Class A office vacancy in the park is currently around 11% and expected to drop into the single digits by fall.
  • The acquisition price of $16.25 million ($178/PSF) and the projected all-in cost of $17 million provides a basis at significant discount to replacement cost.
  • Offers competitive advantages with its high parking ratio, location and views.
  • Revitalizing the building’s appearance and physical performance along with improved property management will position Waterford Centre for increased occupancy and rent growth as market demand improves and occupancy levels tighten.

Fund Ownership

Fund VII

Map

For more information regarding properties for sale, please email us at sales@newbostonfund.com or call 1.866.DIAL.NBF