Doral Office Building Sells For $96 Million

CBRE facilitated the sale of the fee simple interest in Doral Concourse, a Class A+ 240,669-square-foot institutional-quality office asset located adjacent to the new mixed-use lifestyle center, CityPlace Doral.

The six-story building also offers amongst the highest parking ratio in the market (five per 1,000 sq. ft.), via a five-story parking deck. MG3 REIT led by Hernan Leonoff, Marcelo Saiegh and Gustavo Bogomolni acquired the property for $96,000,000.

The seller, a fund managed by DRA Advisors LLC, was exclusively represented by the CBRE Capital Markets team led by Vice Chairman Christian Lee and Executive Vice President José Lobón, and including Senior Vice President Amy Julian, with CBRE’s Debt & Structured Finance group, and First Vice President Andrew Chilgren. The property’s leasing broker, Gordon Messinger, is also with CBRE and assisted with the sale.

Doral Concourse is 95% leased with an impressive 6+ years of weighted average lease term and no lease expirations over the next two years. The diversified rent roll features 87% national or credit tenants. The Property has benefited from the recent, material investment of capital improvements over the past five years, including a refreshed building lobby and common areas, restroom upgrades, cooling tower replacement, roof replacement, and various other repairs.

 

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