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Former Miami Herald, el Nuevo Herald Office Building In Doral Trades For $27M

miami herald doral

The former Doral office building of the Miami Herald and its sister Spanish language newspaper, el Nuevo Herald, traded for $27.3 million.

Institutional real estate investor Parmenter, also based in Doral, bought the property at 3511 Northwest 91st Avenue from Memphis-based SMPO, according to public records. Parmenter took out a $26.5 million loan from Ladder Capital Finance.

The two-story building totals 160,000 square feet on 9 acres, according to property records.

It was originally built as the headquarters for the U.S. Southern Command in 1997. SMPO had bought the lot in 1996 for $2.8 million, records show.

Parmenter, led by Darryl Parmenter and John Davidson, invests on behalf of life companies, global fund sponsors, family offices and others, and it also is a developer and manager according to its website. Since it was founded in 1989, it has purchased and managed a portfolio of more than $2 billion in real estate across the U.S.

The Miami Herald and el Nuevo Herald canceled their lease for the property last year, as their parent company, Sacramento-based McClatchy, underwent bankruptcy reorganization. In August 2020, a federal bankruptcy judge approved the sale of McClatchy, family owned and run since 1857, to New Jersey-based hedge fund Chatham Asset Management. The deal was valued at $312 billion, according to published reports.

The Herald and el Nuevo Herald, whose staff had been working from home since March 2020 because of the pandemic, officially vacated the Doral property last August, according to an announcement last summer from the former publisher and president.

 

Source:  The Real Deal

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