Banyan Street Capital and Independencia Asset Management have completed a US$53.5 million refinancing for their office complex in Doral, Florida. Wells Fargo provided the financing for the 290,000 square foot (approx. 26,942 square metres) Doral Center property.
The approximately 10.8-hectare campus comprises two buildings, one six and the other seven storeys high. The addresses are 3750 Northwest 87th Avenue and 8750 Northwest 36th Street, both located in the Miami suburb of Doral. The Doral Center, constructed between 1985 and 1990, is approximately 85 per cent leased, according to CBRE.
Amy Julian and Andrew Chilgren of CBRE brokered the transaction. Tenants include co-working operator Quest Workspaces, which has leased approximately 38,000 square feet (approx. 3,530 square metres) of space. Since acquiring the property for US$43 million in 2020, at the height of the pandemic, the owners have invested US$15.5 million in its modernisation.
Strategic Enhancement and Market Development
The purchase price in 2020 was approximately US$4.3 million below the value at which the property had traded four years earlier, according to property records. Julian commented in a statement: “The extensive capital improvements have fully transformed Doral Center into a premier work environment.” She added that this strategic repositioning, combined with South Florida’s robust economic fundamentals, has enhanced the property's competitiveness and led to an immediate surge in leasing activity.
In January this year, the joint venture sold approximately three hectares of land for US$6 million to residential developer ROVR Development. A representative for Banyan Street Capital and Independencia Asset Management was not immediately available for comment.
Property Details
- —Financing volume: US$53.5 million
- —Lender: Wells Fargo
- —Total area: 290,000 square feet
- —Current occupancy rate: approx. 85 per cent
