Investor pays hefty $13M premium for Doral offices
Arnold Wax is looking to pick up long-term holdings
November 23, 2015 11:15AM
The Doral Commons office property at 8550 Northwest 33rd Street
The same Miami investor that went on an $80 million real estate shopping spree earlier this year just dropped $13.1 million on an office property in Doral, more than double what it last sold for in 2011.
Bonbon Realty LLC, which is managed by Arnold Wax, paid $219 per square foot for the Doral Commons office building at 8550 Northwest 33rd Street in a deal that closed on Thursday.
Wax is a private investor who lives on Williams Island. Last year, he inked a massive $80.75 million deal to sell off six rental properties in Manhattan and turned his attention to South Florida. He lead a group of investors in May on a veritable shopping spree, picking up office properties everywhere between North Miami and Palm Beach Gardens.
Joshua Dubin, the investor’s legal counsel and partner, told The Real Deal at the time that Wax was looking to pick up long-term investments with those purchases.
The seller for this deal was a fund managed by TA Associates Realty, an investment advisory firm based in Boston. TA manages roughly 91 million square feet of commercial space and 12,300 residential units across the United States, according to its website.
Benjamin Silver and Douglas Mandel of Marcus & Millichap
Doral Commons is a four-story building with 59,727 square feet of space, 98 percent of which is currently leased. Windhaven Insurance occupies more than half the building.
It was last sold in 2011 for $6.25 million, or $104 per square foot. That means TA cleared a $6.85 million premium over what they paid only four years ago.
Both sides of the deal were represented by Douglas Mandel and Benjamin Silver of commercial brokerage Marcus & Millichap. The two were helped out by leasing agents Tere Blanca, Danet Linares and Andres del Corral of Blanca Commercial Real Estate.
“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,” Mandel said in a statement. — Sean Stewart-Muniz
Source: The Real Deal