Miami-based Triarch Capital Group has
purchased the Doral Costa office park for $73.75 million.
An affiliate of TA Associates Realty
sold the 17.8-acre office park, which includes three buildings and a 0.8-acre
piece of vacant land. The 280,000-square-foot Class A office park, at 9800 and
9850 Northwest 41st Street and 4090 Northwest 97th Avenue, breaks down to two
130,000-square-foot buildings and one 20,000-square-foot building.
HFF brokered the deal, and attorneys
David Halberstein and Oscar Rivera represented the buyer, Doral Costa Capital
LLC. The sale, which breaks down to about $259 per square foot, closed on
Tuesday, Halberstein said. Doral Costa is an affiliate of Triarch, a full
service real estate firm led by Daniel Halberstein, Mario Grosfeld and Jorge
Linkewer. Triarch financed the sale with a $49.75 million mortgage from
Allianz, according to Miami-Dade County records.
The buildings, developed between 2001 and
2006, range from three to four stories tall. Property records show a TA
affiliate paid $5.73 million for the Doral properties in 1999.
Robinson Commercial Real Estate leases the
office campus, which is 95 percent occupied. Tenants include Allstate Corp.,
HSBC and Samsung. The property offers nearby access to the Palmetto Expressway,
Florida Turnpike and Miami International Airport.
In Miami-Dade County, Class A office
rental rates jumped 6.3 percent in 2015, to $41.48 and $33.34, respectively,
marking the highest increase among major markets statewide, according to a
report released in February by Cushman & Wakefield. Vacancy for
Class A space also dropped 7 percentage points over the past five years. And
Doral has maintained its strength as one of the top submarkets in the county.
TA Associates, based in
Boston, manages 91 million square feet of commercial real estate and about
12,300 residential units in the United States. Triarch has about 4.5
million square feet of commercial properties in its portfolio, according to the
company’s website.
Original content The Real Deal
No comments:
Post a Comment