MG3 Group buys Doral offices for $96M

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.