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Aquila buys its second Miami Lakes office building in a year
BY MARILYN BOWDEN |
45,000-square-foot Lakes Plaza office building was sold for $4 million
after successful earlier buy. |
‘ We look for strong national tenants that want a presence close to both
counties and can take advantage of the great labor pool found in the
area‘
Grace Blanco
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| Aquila Property Co. last
week closed on Lakes Plaza, the second Miami Lakes office building it has
acquired in the past year. President Jordan Paul said Aquila bought the
45,000- square-foot property at 8181 Miami Lakes Drive in partnership with
Philadelphia based AMC Delancey for $4 million from Lakes I Associates
Ltd. A year ago, the same partners purchased Miami Lakes Corporate Center,
14750 NW 77th Court. "We like suburban office buildings in areas that
offer residents a high quality of life that is attractive to business
owners and executives," Mr. Paul said. "Miami Lakes also has a
good location at the border of Broward and Miami- Dade counties."
Location was an important element in the marketing strategy that brought
occupancy at Miami Lakes Corporate Center from 76% to 92% in four months,
said Grace Blanco, a commercial associate with Abood Wood- Fay Real Estate
Group who handles leasing for both properties. "We look for strong
national tenants," she said, "that want a presence close to both
counties and can take advantage of the great labor pool found in the
area." For example, she said New York-based Pavarini Construction,
which took 10,000 square feet and signage rights at Miami Lakes Corporate
Center, first looked in Coral Gables. "They liked the Lakes,"
Ms. Blanco said, "because it's close to their Fort Lauderdale office
as well as their Miami-Dade projects." Mr. Paul said Aquila bought
Lakes Plaza in large part because of its success in filling Miami Lakes
Corporate Center. "We're trying to take the leasing momentum created
there over to our new building," he said. Lakes Plaza has about
18,000 square feet of available space, Ms. Blanco said, including 11,500
on the ground floor. A 12,000- square-foot space opens up at Miami Lakes
Corporate Center at the end of the year, she said. Mr. Paul said he formed
Aquila with partners Andy Belew and Tom Weber in September 2000. The three
were formerly part of the commercial division of Ocwen Financial Corp., he
said. Aquila's aim, he said, is to focus on commercial properties with
value-added opportunities. "We're not looking for stabilized
projects," Mr. Paul said. "We look for solid real estate in good
locations that need a more intensive management focus to reach full
potential. We will address any major capital needs and make sure it's as
clean and attractive as anything in the marketplace." In addition to
the Miami Lakes properties, he said, Aquila owns an office building in
Coral Springs and is looking for other opportunities in South Florida. |
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