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

Six-story building was known as a "white elephant," broker says

Miami /
Jul.July 12, 2017 12:45 PM

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.


Related Articles

arrow_forward_ios
Longpoint Realty Managing and Founding Partner Dwight Angelini and the El Paraiso shopping center at 1700 and 1800 West 68th Street in Hialeah (LinkedIn, Google Maps, Getty)
Longpoint picks up Hialeah shopping center for $43M
Longpoint picks up Hialeah shopping center for $43M
From left: RK Centers principal Ranaan Katz and Seritage CEO Andrea Olshan in front of the shopping center at 1460 West 49th Street in Hialeah (Google Maps, Seritage Growth Properties, RK Centers)
Seritage flips Hialeah shopping center for $28M, banking $6M profit in hours
Seritage flips Hialeah shopping center for $28M, banking $6M profit in hours
From left: Edgardo Defortuna, Ana Gomez, Alicia Cervera Lamadrid, and Craig Studnicky (LinkedIn, Cervera, iStock)
“Get your money out now”: Miami brokers target Colombian buyers after leftist’s election
“Get your money out now”: Miami brokers target Colombian buyers after leftist’s election
Ares co-founder, President and CEO Michael Arougheti and Countyline Corporate Park in Hialeah (Ares, Miller Construction Company, iStock)
Doubling up: Ares pays $62M for two Hialeah industrial buildings under construction
Doubling up: Ares pays $62M for two Hialeah industrial buildings under construction
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
From left: Prestige Companies COO Alexander Ruiz, CEO Marty Caparros, and partner Dennis Rodriguez (Prestige Companies, Compass)
Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
Dacar Management's Alberto Micha-Buzali with Residences and Shoppes (LinkedIn, Dacar Management)
Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
Renderings of the Emerald Bay Apartments project (MSA Architects)
Hialeah apartment project scores $67M construction loan
Hialeah apartment project scores $67M construction loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...