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Doral Office Building More Than Doubles Value In Just 4 Years

Marcus & Millichap’s Douglas K. Mandel, Senior Vice President Investments, and Benjamin H. Silver, Vice President Investments, completed the sale of Doral Commons, a 4-story, 59,727-square foot office building located at 8550 Northwest 33 Street in Doral.

Bonbon Realty, LLC, a limited liability company from Aventura, Florida, purchased the property for $13,100,000, or $219 per square foot, from The Realty Associates Fund IX, LP, an entity managed by TA Associates Realty, a private investor from Boston, Mass. Mandel and Silver represented both the buyer and seller in the transaction. Their efforts were supported by the seller’s exclusive leasing agent Blanca Commercial Real Estate President and CEO Tere Blanca, Vice Chairman Danet Linares and Vice President Andres del Corral.

The deal closed November 19.

The property previously sold for $6,250,000 in April 2011.

“Doral has risen substantially on the interest scale across all sectors, driving transactions and pricing upward. Demand for office space will continue to grow as community-centric and residential projects continue to transform Doral into one of the most important markets in the country,” commented Mandel. “Doral Commons is excellently positioned to take advantage of that explosive growth.”

Constructed in 1999, Doral Commons is a 98 percent occupied, full-service, Class A office building. The institutionally-managed property features enhanced architectural nuances and a controlled-access lot with parking valet.

Windhaven Insurance, a Florida-based auto insurance provider, relocated its corporate headquarters to 31,524 square feet of space at the building in 2014, occupying more than half of the building, with office space on the third and fourth floors.

The property is situated just east of Northwest 87th Ave. and three blocks south of Doral Blvd. at 8550 Northwest 33rd Street. It is within close vicinity to the Miami International Airport, Palmetto Expressway, Florida’s Turnpike and the Dolphin Expressway.

Mandel and Silver have also been tapped to market Showplace Office Park, a 35,200-square foot, Class B, 2-building office park in Doral.