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
1500 Concord Terrace and Atal Bansal, founder and CEO of Chetu (Photos courtesy of Chetu)
Software firm Chetu buys Sunrise office property for $25M
Software firm Chetu buys Sunrise office property for $25M
Terra’s David Martin and 1177 Kane Concourse (Google Maps)
Terra paid $32M for Bay Harbor Islands development site
Terra paid $32M for Bay Harbor Islands development site
T-Mobile store logo (Getty) and 4850 Northwest 103rd Avenue in Sunrise, Florida (Google Maps)
Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
Fuse Group Investment CEO Eyal Peretz and attorney Michael Ehrenstein (Fuse, Ehrenstein Sager, Twitter via GUT Miami)
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
Stephen Ross (Getty) with Esperanté Corporate Center at 222 Lakeview Avenue in West Palm Beach
Related Companies buys half ownership interest in West Palm office tower
Related Companies buys half ownership interest in West Palm office tower
Brookfield Property Group CEO Brian Kingston and  a rendering of 15800 Southwest 25th Street (Brookfield, Rendering courtesy of Newmark)
Brookfield buys Comcast-leased Miramar building for $29M
Brookfield buys Comcast-leased Miramar building for $29M
Feldman Equities exec Larry Feldman and the Pinnacle Corporate Park office complex (Avison Young, iStock)
Feldman Equities buys Fort Lauderdale office complex for $59M
Feldman Equities buys Fort Lauderdale office complex for $59M
Grant Cardone and 18851 Northeast 29th Avenue in Aventura (Getty, Google Maps)
Grant Cardone buys Aventura office complex for $93M
Grant Cardone buys Aventura office complex for $93M
arrow_forward_ios

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

Loading...