MG3 REIT Purchased Doral Concourse Office Complex For $96 Million

According to brokerage CBREMG3 REIT has purchased Doral Concourse, a 240,669 Sq Ft. office complex in Doral, Florida, for $96 million from DRA Advisors.

Positioned at 8400 Northwest 36th Street, the six-story building lies adjacent to the mixed-use shopping center CityPlace Doral. The property offers a $54.8 million mortgage from Wells Fargo.

CBRE’s Gordon Messinger, the property’s leasing agent stated that the Doral Concourse is 95% leased and no leases set to expire within the following two years, per CBRE. Its tenants include the Latin American division of fast-food chain Subway and the Marriott Hotel.

Back in 2014, DRA Advisors acquired three office buildings, including Doral Concourse, and a strip mall for a combined $131 million. In 2017 and 2019, it sold the two other office buildings and mall for $106.5 million.

The sale comes as Miami’s office market is growing, as the high-profile, new-to-market tenants hunting for space.

Regarding the interest, landlords are holding rates high. Asking rents rose for a fourth consecutive quarter to an average of $46 per Sq Ft., up 2.6% from pre-pandemic levels.

The portfolio of the seller, New York-based DRA Advisors, spans 554 properties in 35 states, totaling 2,110 acres. The buyer, Aventura, Florida-based MG3 REIT, practices in the development of schools. 

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