Former Shoma headquarters goes for $13M

The buyer is a company managed by Coral Gables real estate investor William Holly

Miami /
Jan.January 02, 2020 03:30 PM
Doral Commons, Adam H. Klein, and Douglas K. Mandel

Doral Commons, Adam H. Klein, and Douglas K. Mandel

The former headquarters of Shoma Development sold for $12.8 million.

Doral Commons, a four-story, 59,727-square-foot office building in Doral, sold for $214 per square foot, records show. A company managed by Coral Gables real estate investor William Holly bought the property at 8550 Northwest 33rd Street.

Bonbon Realty LLC, managed by Arnold Wax, was the seller. The property traded at a slight discount from its last sale price of $13.1 million in 2015.

Marcus & Millichap’s Douglas K. Mandel and Adam H. Klein represented both the buyer and the seller in the deal.

The property traded at a discount because the building’s largest tenant, Windhaven Insurance, left in 2019. The building was previously 98 percent occupied, with Windhaven Insurance occupying about 50 percent of the leasable space, Mandel said in a statement.

The office building was built in 1999 to be the headquarters of Shoma Development, now known as Shoma Group. The company is now headquartered at 201 Sevilla Avenue in Coral Gables.

Investors and developers have been targeting Doral in recent years.

In May, Blackstone Group paid $208.75 million for a pair of neighboring apartment complexes in Doral. In June, Publix Super Markets paid $70 million for Doral Plaza Shopping Center, anchored by the grocery store.


Related Articles

arrow_forward_ios
Brick + Timber principals Glenn Gilmore and Jesse Feldman and photo of the building at 2724 and 2734 Northwest First Avenue in Wynwood (LinkedIn, FutureVision Studios)
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
From left: Scott Sherman and Ben Mandell (Tricera Capital, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
Innovation District (DB Lewis Architect-Thresholds Intl, iStock)
Mike Zoi’s Motorsport firm proposes offices at Magic City Innovation District
Mike Zoi’s Motorsport firm proposes offices at Magic City Innovation District
From left: David Edelstein, Alex Karakhanian and Victor Ballestas in front of the property at 3601 North Miami Avenue (Lndmrk Development, Tricap, Integra Investments, LoopNet)
David Edelstein, partners buy Design District dev site, plan office tower
David Edelstein, partners buy Design District dev site, plan office tower
Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
Yamato Office Center in Boca Raton trades for $46M
Yamato Office Center in Boca Raton trades for $46M
The Gateway at Wynwood office building at 2916 North Miami Avenue with R&B Realty Group CEO Aron Rosenberg (LinkedIn, R&B Realty Group)
Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
arrow_forward_ios

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

Loading...