MG3 buys former Miami Herald printing facility for $12M
Three-story warehouse has 118K sf on 6 acres
MG3 Group, an Aventura-based private real estate company, bought the former Miami Herald printing facility in Doral for $11.6 million, a $2.3 million loss from its previous sale in 2016.
Records show 3500 Doral MRP LLC is the seller of the three-story warehouse at 3500 Northwest 89th Court. The company is managed by James E. Bishop, president and CEO of WhiteStar Advisors.
The building, which sits on 6.02 acres of land, was built in 2013 for the Miami Herald’s printing presses. Miami Herald Media Co. sold it for $13.9 million in 2016 to 3500 Doral MRP LLC.
The Miami Herald’s former parent, McClatchy Co., filed for bankruptcy in February. It was acquired by hedge fund Chatham Asset Management in August.
Miguel Alcivar, Wayne Ramoski, Gian Rodriguez, Dominic Montazemi and Skylar Stein of Cushman & Wakefield represented the seller in the latest deal.
The building features 15 dock-high positions, one grade-level ramp and clear heights from 10 feet to 46 feet. Eighty-eight percent of the facility is climate controlled, according to a release.
MG3 has developed and invested in multifamily and office buildings, as well as charter schools.
Last year, MG3 purchased two office buildings near Sawgrass Mills in Sunrise for $32.65 million.
MG3 also planned to co-develop a nine-story office complex near Aventura. The project is expected to include about 53 office condos and 11,000 square feet of retail space.
In 2016, MG3 and ESJ Capital Partners sold five charter schools throughout Florida to Charter School Capital, an academic investment group based in Portland, for $71.7 million.