The Real Deal Miami

Foundry partnership buys Doral business park from PGIM

10-acre site could eventually be redeveloped
By Amanda Rabines | January 22, 2018 12:30PM

 

Caption: Transal Park and Foundry managing director Ford Gibson (Cushman & Wakefield and Foundry Commercial)

A partnership between Foundry Commercial and American Realty Advisors just paid $22.8 million for a six-building business park in Doral.

An affiliate of Prudential’s PGIM Real Estate sold Transal Park, a 134,175-square-foot compex at 8200 and 8290 Northwest 27th Street, for about $170 per square foot, according to a press release from Cushman & Wakefield. It last sold for $13.1 million in 1998.

The 10-acre site could eventually be redeveloped into retail, restaurants or a hotel, Cushman’s Mike Davis said. Davis and his colleagues Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Michael Lerner, Rick Brugge, Wayne Ramoski and Gian Rodriguez, represented the seller.

The office park was developed between 1988 and 1990. It’s 88 percent leased to tenants that include United States Medical, South Florida Health Management, Office Bargain Center, Encore Optical, Miami Vet Center and Doral Digital Reprographics.

The deal is yet another sign of the investors’ appetite for large properties in Doral. The same partnership recently paid $85.5 million for the nearby Miami Free Zone, with plans to develop another 300,000 square feet of industrial space on an adjacent 18-acre lot.

Foundry is also building Amazon’s third distribution center in Miami-Dade County, an 800,000-square-foot warehouse at the Carrie Meek International Business Park. .

PGIM Real Estate has an asset portfolio valued at $69 billion, according to its website.