The Real Deal Miami

Chilean fast food mogul pays $12M for Hialeah office building

Six-story building was known as a "white elephant," broker says
By Katherine Kallergis | July 12, 2017 12:45PM

2800 West 84th Street and Manny Chamizo

Ximena Sepulveda

The co-founder of a popular Chilean fast food chain paid about $11.76 million for an office building in Hialeah, The Real Deal has learned.

Oscar Fuenzalida, who recently sold the hot dog restaurant company Doggis, just picked up the building at 2300 West 84th Street. Records show 2300 Building LLC, led by investor Carlos A. Martinez, is the seller.

It traded for nearly $170 per square foot.

The 2300 Business Center Tower, a six-story, 69,571-square-foot building, was built in 2007. It was on the market for $12.25 million, according to a flier announcing the sale. Manny Chamizo III of Fortune International Realty Commercial represented the seller, and Ximena Sepulveda, also of Fortune, represented the buyer.

The building was known as a “white elephant,” Chamizo said in an email, and listings show it was with a number of brokers over the years before it sold. The deal was “an excellent opportunity for the buyer to obtain Class A office at a substantial discount from the replacement cost” with significant upside, he wrote.

The buyer co-founded Doggis in 1989 and grew it to become one of the largest fast food chains in Chile, according to published reports. In December, the Carlyle Group acquired a 75 percent stake in Gastronomía y Negocios, the holding company that owns Doggis and Fuenzalida’s other quick service restaurants.

High net-worth investors and families from Latin America have been investing in office and single-tenant retail properties throughout Miami-Dade County in recent years, replacing what was typically an investment in Miami’s condo market, brokers say.

And across the country, some foreign investors are gearing up to spend more on real estate despite recent interest rake hikes from the Federal Reserve this year.