Banyan Street Inches Closer To Ownership Of Doral Court - Miami Airport Warehouses

A bankruptcy auction of an office building in Doral was canceled and a court-appointed trustee recommended choosing Banyan Street Capital as the buyer.

Miami-based Banyan Street Capital had made a stalking horse bid for the Doral Court office building at 8600 Northwest 36 Street in Doral.

The property owner, a group called NNN Doral Court, lost a $22.7 million foreclosure judgment to an affiliate of New York-based Triangle Capital Group after defaulting on a loan secured by the 230,504-square-foot office building on a 9.4-acre parcel.

After NNN Doral Court filed to reorganize in Chapter 11 bankruptcy, Banyan made a stalking horse bid of $25.9 million for the office property. Banyan previously had filed suit to enforce a contract to purchase the property while the foreclosure suit against NNN Doral Court was still pending.

As part of a court-approved liquidation plan, the stalking horse bid served as the minimum amount to qualify bidders in the bankruptcy auction of Doral Court, which had been scheduled for March 2. But the auction was canceled after an attorney for the trustee in the bankruptcy case filed a motion March 1 noting that reviews of the office property by 83 potential buyers failed to produce any qualified bids for Doral Court.

Source: The Real Deal