Doral Court taking bids, heading to auction
A 9.4 acre slice of prime land in Doral that includes a 210,000 square-foot office complex is going to auction on March 2. The bankruptcy trustee for Doral Court, located at 8600 Northwest 36th Street, is accepting bids starting at $26.8 million through Feb. 19, with an auction to be held two weeks later, according to court documents reviewed by The Real Deal.
“It is a highly sought after property due to its large size and its incredible location,” said Don Ginsburg, president and CEO of Realty Masters Advisors, the firm handling the marketing and sale of Doral Court. “There have already been previous offers in the low $30 million range. We are pretty confident it will meet or exceed current expectations.”
Doral Court is in close proximity of Codina Partners’ Downtown Doral project and CityPlace Doral by The Related Group and Shoma Homes, as well as the Trump National Doral Miami golf resort, Ginsburg said. “We expect to get a lot of local, national and international attention,” he added. “Doral is hot.”
The site became available in early August when 29 entities called NNN Doral Court, as tenant-in-common owners of 92 percent of the property, filed for chapter 11 bankruptcy in Miami federal court. NNN Doral Court had previously lost a $22.7 million foreclosure judgement to its lender, an affiliate of New York-based Triangle Capital Group called Doral Court Debt Holdings, which was first reported by the South Florida Business Journal.
Last month, a federal bankruptcy judge approved the liquidation plan submitted by the court appointed trustee, Barry Mukamal. Bidders must submit a purchase price that is equal to or greater than the $26.8 million stalking horse bid by Miami-based Banyan Street Capital, which had filed a separate lawsuit alleging it had a contract to buy the office complex when the foreclosure was still pending.
According to court records, NNN Doral Court had received higher offers from three different suitors, including one for $31 million by an affiliate of North Miami-based IMC Equity Group. Mukamal negotiated a settlement with Banyan that would pay the investment firm a portion of the profits from the sale of Doral Court. Banyan Street would get 80 percent of the amount over $26.7 million if the property is sold to a third-party for between $26.7 million and $30.7 million. Should Doral Court sell for more than $30.85 million, Banyan would get half of the extra amount over $26.7 million.
Ginsburg told TRD that potential buyers can keep the office complex or redevelop the entire property into a mixed-use project that complements the new master planned neighborhoods like Downtown Doral and CityPlace Doral.