MG3 Group buys Doral offices for $96M

241K sf building is 95% leased

Miami /
Jul.July 14, 2021 10:30 AM
MG3 Group executives Marcelo Saiegh, Gustavo Bogomolni andHernan Leonoff with the Doral building (MG3, CBRE)

MG3 Group executives Marcelo Saiegh, Gustavo Bogomolni andHernan Leonoff with the Doral building (MG3, CBRE)

MG3 REIT bought the Doral Concourse office building for $96 million.

The real estate investment trust bought the property at 8400 Northwest 36th Street from a fund managed by DRA Advisors, according to a news release from the seller’s broker.

Christian Lee and José Lobón of CBRE represented the DRA Advisors-managed fund.

The six-story, 240,669-square-foot building is 95 percent leased, according to the release.

Tenants include insurance firm Kemper, cruise line retail provider Starboard Cruise Services, law firm Greenberg Traurig, Subway, Marriott, and food manufacturer and marketer General Mills.

DRA Advisors’ fund bought Doral Concourse along with a slew of other properties in 2014 for $131.7 million, property records show.

Doral Concourse is near the CityPlace Doral mixed-use complex that includes retail, residences and restaurants.

The Class A office building has been well-maintained, with recent improvements to the roof, lobby and fountain, according to Hernan Leonoff, an MG3 principal.

MG3 REIT is an investment fund that is part of the MG3 Group. Aventura-based MG3 Group is a real estate developer, financier, and property and investment manager that is also involved in construction, design and leasing, according to its website.

Aside from Leonoff, MG3 Group principals are Marcelo Saiegh and Gustavo Bogomolni.

The group also has developed charter schools throughout Florida. In April, it sold two South Florida campuses for $78.1 million, as part of a $242 million portfolio deal for eight schools throughout the state.

In other notable Doral office deals, a firm linked to Banyan Street Capital bought the twin office buildings near the intersection of Northwest 36th Street and Northwest 87th Avenue for $43 million in 2020.





    Related Articles

    arrow_forward_ios
    Michael Shvo with a rendering of 407 Lincoln Road and Steve Witkoff, Alex Witkoff, Monroe Capital’s Theodore Koenig, and The Shore Club at 1901 Collins Avenue (SHVO, Witkoff, Monroe Capital)
    Miami Beach board to vote on Shvo’s office project and Witkoff’s Shore Club
    Miami Beach board to vote on Shvo’s office project and Witkoff’s Shore Club
    From left: Shoma Group’s Masoud Shojaee, Terra’s David Martin, and Shoma Group's Stephanie Shojaee along with an aerial view of the site at Fontainebleau Boulevard (Getty, Shoma Group, Terra, Google Maps)
    Terra, Shoma partner on rentals in Miami-Dade’s Fontainebleau
    Terra, Shoma partner on rentals in Miami-Dade’s Fontainebleau
    A photo illustration of CGI Merchant’s CEO Raoul Thomas and 1100 Biscayne Boulevard in downtown Miami (left), 550 Biltmore Way in Coral Gables (middle) and 3480 Main Highway in Coconut Grove (right) (Getty, Google Maps, LoopNet)
    CGI Merchant allegedly owes vendors more than $200K: lawsuits
    CGI Merchant allegedly owes vendors more than $200K: lawsuits
    Alta principals Seth Wise and Joel Altman and rendering of Altra Kendall at 9501 Southwest 137th Avenue (Altman)
    Altman scores $75M construction loan for Kendall multifamily project
    Altman scores $75M construction loan for Kendall multifamily project
    Moishe Mana with Mana Wynwood (Getty, Google Maps)
    Moishe Mana scores $275M credit line for Wynwood portfolio
    Moishe Mana scores $275M credit line for Wynwood portfolio
    From left: Kimber's Leslie Edelman and developer Jules Trump along with a rendering of the Estates at Acqualina (Getty, Trump Group, Facebook/USA Shooting)
    Kimber gunmaker buys Estates at Acqualina condo for $21M
    Kimber gunmaker buys Estates at Acqualina condo for $21M
    Related Companies' Stephen Ross and Related Group's Jorge Pérez (Getty; Illustration by Kevin Rebong for The Real Deal)
    End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
    End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
    Z Capital’s James Zenni Jr. with Carillon Miami Wellness Resort at 6801 Collins Avenue (LinkedIn, Google Maps, Eleventh Circuit Court)
    Z Capital slapped with $16M verdict in Carillon Miami Beach lawsuit
    Z Capital slapped with $16M verdict in Carillon Miami Beach lawsuit
    arrow_forward_ios

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

    Loading...