5505 Waterford, at present anchored by Lennar. Picture courtesy of CBRE
Franklin Road Properties has accomplished the $68 million sale of 5505 Waterford at Blue Lagoon, a 213,182-square-foot Class A workplace constructing in Miami’s Airport South submarket.
The property, the previous headquarters of Burger King and present base of operations of Lennar, was bought to an undisclosed purchaser in a transaction brokered by CBRE.
The brokerage workforce was led by Vice Chairman Christian Lee and Vice President Sean Kelly. Different members of the workforce included Senior Vice President Amy Julian, First Vice President Andrew Chilgren of the corporate’s Debt & Structured Finance Group, in addition to Vice President Marcos Minaya, Senior Monetary Analyst Tom Rappa and Monetary Analysts James Carr and Matthew Lee.
From one headquarters to a different
The sale is the property’s first change of fingers in additional than twenty years. Franklin Road has owned the constructing since 2003, which CommercialEdge exhibits that it bought for $48 million a 12 months after its development. Positioned at 5505 Blue Lagoon Drive, the not too long ago bought property lies adjoining to the Waterford Enterprise District, an embankment of Class A workplace buildings that lie alongside Waterford Drive in central Miami.
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Over the course of its possession, Franklin Road oversaw renovations of the property’s foyer, lounge and parking construction, in addition to the addition of a 5,000-square-foot health heart, a fixture of many trendy places of work. Following Burger King’s 2018 transfer out of its headquarters to close by 5707 Waterford at Blue Lagoon, publicly traded homebuilding large Lennar turned the property’s anchor tenant, signing a 16-year lease for roughly 156,000 sq. toes of area a 12 months later. The constructing welcomed new tenants in 2022, with Distinctive Holidays, an occasion planning subsidiary of Sandals Resorts, closing on 53,119 sq. toes.
Offers and doings round Miami
One other quick meals large to not too long ago make a house in Magic Metropolis is Subway, which opened a second headquarters at 1000 NW 57th Court docket in March of this 12 months.
In accordance with a November 2023 CommercialEdge report, Miami at present has among the many South’s most respected workplace markets, with a year-to-date gross sales worth of $356 per sq. foot and an October itemizing charge of $44.83. The identical information exhibits that office-specific funding gross sales from January by way of August added as much as north of $1.3 billion.
