Waterford Corporate Centre Trades For $16.9 Million, To Become New Worldwide HQ For Benitez & Company CPA

The Waterford Corporate Centre, a multi-tenant office property which was renovated in 2019, ha sold for $16.9 million. The property is located at 5835 Blue Lagoon Drive, Miami, FL 33126 and spans 61,194 SF. The Waterford Corporate Centre was 97% leased at the time of sale and the tenant list includes The United States Department of Commerce, The State of Florida Department of Education, Volvo Group North America and World Trade Center Miami. The building will be the new worldwide headquarters for Benitez & Company CPA.

The buyer is Juan & Maria Benitez of the Benitez & Company CPA who was represented by Manny Chamizo III with ONE Sotheby's International Realty, while the seller was Blue Lagoon Investment, LLC who was represented by Cary Cohen with Blanca Commercial Real Estate.

The Waterford Corporate Centre was recently renovated in 2019 and features an impressive and elegant double-height lobby, tenant conferencing facility, and a rooftop helicopter landing pad.

"Despite changing market conditions, office buildings are continuing to transact in core markets," said Chamizo. "Miami’s momentum remains solid and South Florida based companies are reaping in the benefits - with many searching to expand their teams and offices. We are happy to have found the Class A space our client was looking for, the helipad was an attractive bonus.”

This property conveniently situated within the corporate-campus style Waterford Business District, fronting beautiful views of Miami International Airport and immediate access to the Dolphin Expressway. The prime location also connects the campus to several major Miami neighborhoods, including Doral, Coral Gables, Brickell, Downtown Miami and Wynwood.

Images attached. Credit for the building pictures goes to Cary Cohen.

PPG Development Acquires Bay Harbor Towers For $32 Million

PPG Development, led by Ari Pearl, have acquired Bay Harbor Towers, located at 10141 and 10143 East Bay Harbor Drive. The 1.03-acre property sold for $32 million, which equated to a price of $1,066,667 per existing unit. The transaction was overseen by Cary Cohen of Blanca Commercial Real Estate and Deme Mekras of MSP Group.

Prior to the marketing of the site, the Board of Directors at Bay Harbor Towers designated a committee and instructed them to explore the sale, which led to their interviewing and receiving proposals from several brokerage houses, including some of the world’s largest firms. After a highly competitive interview process, the committee elected to have Cary Cohen of Blanca Commercial Real Estate along with Deme Mekras, of MSP Group, represent the many owners of Bay Harbor Towers. The duo signed exclusive listings with 100% of the 30-unit owners and commenced a far-reaching marketing campaign.

“Bay Harbor is no longer Dade County’s hidden treasure. Our extensive marketing process elicited global interest from numerous top-tier developers, as we expected, given the truly unique nature of this opportunity,” said the listing team. The duo shared that “Coordinating a sale of an entire association is one of the most rewarding transactions. It brings life changing wealth to so many people as the existing units traded for over 300% of their market value on an individual basis.” This rare, waterfront Bay Harbor Islands development site was highly sought after due to its immediate views of Biscayne Bay, Bal Harbor, Sunny Isles and distant views of South Beach, Edgewater, and Downtown Miami.

The buyer, PPG Development, LLC, led by Founder and CEO, Ari Pearl, is a commercial and residential real estate developer focused on the South Florida market, which has a substantial pipeline of development projects already underway, such as 700 planned multifamily units in North Miami Beach and the ongoing redevelopment of the Diplomat in Hallandale. PPG also has recent experience in Bay Harbor market with their purchase of The Altair Hotel.

“Development sites with amazing bay views rarely come to market anywhere in Miami, much less on coveted Bay Harbor Islands. Ultimately, a significant bidding war ensued leading to a $32 million sales price,” they continued, “and we firmly believe this was a win-win for both buyer and sellers,” said list agents Cary Cohen and Deme Mekras.

We Florida Financial Sells Fort Lauderdale Site to AutoNation for $11.8 Million

AutoNation has acquired a Fort Lauderdale site from We Florida Financial for $11.8 million. The 71,307 square foot property features prominent frontage on South Federal Highway in the heart of Fort Lauderdale. The property is located on 1300 S. Federal Highway plus 617 and 705 N.E. 14th St with maximum exposure to passing traffic. The transaction was overseen by Cary Cohen, Executive Vice President, and Christina Stine Jolley, Vice President & Dir. Of Business Development of Blanca Commercial Real Estate, who represented the seller.

“Given the current real estate market in South Florida, this offering presented the rare opportunity to acquire a site with a prime location,” said Cary Cohen. “Even with interest rates rising, we received several bids on the site and continue to experience tremendous activity,” he adds.

The property offers a close proximity to La Olas Boulevard, some of Florida’s most beautiful beaches, Fort Lauderdale International Airport, Port Everglades, and is at the core of the city’s residential communities..

AutoNation is one of the largest dealers in the nation with $25.8 billion in revenue in 2021. Its sales have been growing in recent years and automobile prices have been climbing.