TA Associates sells Doral Costa office park for $74M
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.