Further evidencing the growing national interest and investment in Miami’s office market, a venture led by Parmenter Realty Partners announced its acquisition of 3511 Doral.
Noted for its one-of-a-kind infrastructure, large efficient floorplates and prime location in the heart of Doral, the office building at 3511 NW 91st Avenue most recently served as home to The Miami Herald and el Nuevo Herald.
Blanca Commercial Real Estate, the property’s sales listing agent, facilitated the sale to Parmenter on behalf of the seller.
The venture partners, including Prime Finance and Cudlob Capital, plan to make significant capital improvements to the building which was originally built in 1997 for the unique needs of Southern Command. For the first time, the property will now be available for multi-tenant use, making it perfectly suited for companies looking to establish and expand their presence in South Florida.
Centrally located near Miami International Airport, the building has unique architecture which makes it ideal for companies requiring sophisticated IT infrastructure and 24/7 business continuity. This includes two on-site generators, a 12,000-gallon fuel tank and a battery-powered, uninterrupted power supply system, all of which combine to provide redundant power to the building. It also has a dual-window assembly, combining dual-pane ballistic windows plus a second set of high-impact windows to make it resistant to almost any type of storm.
“3511 Doral presented an opportunity to acquire an asset with 80,000 square-foot floorplates, the largest in the market, and unique attributes such as soaring open ceilings, hardened infrastructure and redundant back-up power, which make it the perfect location for a corporate headquarters,” said Parmenter President and CEO John Davidson. “Parmenter remains bullish on the continued desirability of Florida as a destination for companies and individuals looking to move from high-cost, high-tax markets. We expect to see continued in-migration into such markets as Doral, which are rapidly evolving with new multi-family residential and retail projects providing an accessible and attractive live/work/play hub in Miami-Dade.”
Added Tere Blanca, CEO of Blanca Commercial Real Estate: “Parmenter’s significant investment in 3511 Doral is a testament to the investors’ and owners’ confidence in Doral as a home for the growing number of major national and local corporate players that want to establish or expand their presence in the region. At the crossroads of South Florida’s major expressways, 3511 Doral is an ideal location for companies seeking to attract employees from South Florida’s growing talent pool.”
The Blanca Commercial Real Estate leasing team will be led by Blanca with support from Executive Vice Chairman Danet Linares, Executive Vice President Andres del Corral, and Associate Jack Davidson. JLL represented the buyer to secure financing. That deal team included Melissa Rose, Managing Director; Maxx Carney, Director; and Reid Carleton, Associate. Blanca Commercial Real Estate’s Cary Cohen and Tere Blanca represented the seller.
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