MIAMI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been appointed as the exclusive advisor for the sale of the 82,333-square-foot Blue Lagoon Executive Center in Miami. The price is set at $10.3 million, which equates to $125 per square foot.
Douglas Mandel, senior director, and Benjamin Silver, director, of Marcus & Millichap’s National Office and Industrial Properties Group in Fort Lauderdale, are representing the seller, a Miami-based investment group.
Developed in 1986, the Blue Lagoon Executive Center is a multi-tenant office tower located just south of the Miami International Airport in the Miami Airport West submarket at 5040 NW 7th St. The center includes an attached parking structure with 220 parking spaces.
The property will undergo a number of major improvements, including new central HVAC systems, exterior stucco and paint, parking lot resurfacing and striping and lobby area modernization.
“These improvements will help expedite the absorption of the property,” says Silver. “Upon completion, the Blue Lagoon Executive Center will stand out as a best-of-class product offered at a fraction of the replacement cost.”