DORAL, FLA. — CBRE has arranged the $96 million sale of Doral Concourse, a Class A, 240,669-square-foot office property in South Florida located adjacent to the new mixed-use lifestyle center, CityPlace Doral. MG3 REIT acquired the property from a fund managed by DRA Advisors LLC.
Christian Lee, Jose Lobon, Amy Julian and Andrew Chilgren of CBRE represented the seller in the transaction. The property’s leasing broker, Gordon Messinger of CBRE, also assisted with the sale.
Doral Concourse was 95 percent leased at the time of sale with more than six years of weighted average lease term remaining and no lease expirations over the next two years. The property has undergone capital improvements over the past five years, including a renovated lobby and common areas, restroom upgrades, cooling tower replacement and roof replacement.
The six-story building features a five to 1,000 square feet parking ratio via a five-story parking deck.