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.