DRA Advisors Sells off Five-Building Miami Portfolio

DRA Advisors LLC has struck a deal with Ivy Realty to sell its five-building office portfolio in Miami’s Waterford at Blue Lagoon Business Park. The Greenwich, CT-based buyer acquired the 357,466-square-foot portfolio for $68 million.

The portfolio was built between 1982 and 1988, and the buildings are located at 5757, 5775, 5805, 6101 and 6161 Blue Lagoon Drive. Sizes range from 60,338 square feet to 88,835 square feet. The portfolio was 79% occupied at the time of the sale.

Cushman & Wakefield’s Mike Davis, Scott O’Donnell, Michael Lerner, Rick Brugge, Dominic Montazemi and Miguel Alcivar represented the New York City-based seller.