C
-III Capital Partners has acquired two Doral office buildings at a significant discount, paying $71 million for One Park Square at Doral, a campus with 281,785 square feet of space. This price is $25 million lower than the previous sale in 2017, when Los Angeles County Employees Retirement Association paid $96.1 million. The buyer assumed a $47.6 million mortgage with Goldman Sachs that matures in 2029. The purchase price works out to around $252 per square foot.

    The buildings were completed in 2009 and have roughly 10% of their space available for lease, with asking rents between $35 and $37 per square foot. This is not an isolated case; another office property in South Florida's suburbs sold at a deep discount this month. Galium Capital purchased Lake Shore Plaza II in Sunrise for $17 million, nearly half the previous sale price from 2013.

    Office buildings in suburban markets are often struggling to attract tenants, with Lake Shore Plaza II only 50% occupied at the time of sale. Another example is Barry Sternlicht's Starwood Capital Group, which sold a Miramar office portfolio in August for $45 million - a 45% discount from its original purchase price in 2015. The portfolio consists of four buildings spanning 373,200 square feet.