Prior to 2019, the area had for decades been known as Waterford at Blue Lagoon – an 8-property complex spread across 250 acres in the Miami Airport submarket. Nothing connected the tenants to each other or to the other buildings in the office park other than the fact they were in the same location. In short: there was no concept of a ‘community’.
A complete rebranding and the introduction of a program of amenities, shared services and tenant communication served to strengthen the appeal of what is now known as Waterford Business District. Amenities included bicycles, electric-powered cars to transfer tenants to and from the airport, on-campus activities, sponsored food festivals and sports events.
Today, increased interest can be witnessed from potential tenants, in particular tenants from out of state looking at relocating to the Miami market. One of the assets was recently sold for a double-digit return to the investor.
Such was the increased interest in the site that we were able to sell the single-tenant asset leased by a famous fast-food chain for a double-digit return to the investor. We sold the property at the point where it was beyond any free-rent period but still had the longest remaining lease term.
|Asset name||Waterford Business District|
|Investment type||Core Plus|