Former Shoma headquarters goes for $13M

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

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.

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