Panattoni Development jumped into the Doral office submarket, picking up a two-story building that previously housed the headquarters for Miami Herald and El Nuevo Herald.
An affiliate of Irvine, California-based Panattoni, led by Carl Panattoni, acquired the 9-acre property at 3511 Northwest 91st Avenue, records and real estate database Vizzda show. The deal breaks down to roughly $189 a square foot for the 158,268-square-foot building completed in 1997.
A Cushman & Wakefield team led by Wayne Ramonski and Mark Gilbert represented the seller, an affiliate of Miami-based Parmenter Realty Partners. In 2021, Parmenter paid $27.2 million for the building, records show.
The site was originally built as the headquarters for the U.S. Southern Command. In 2013, the Miami Herald and El Nuevo Herald moved into the building, but left the building during the pandemic when the company shifted employees to remote work.
The building is currently occupied by Learning World Academy.
Panattoni plans to redevelop the building into a spec industrial project, a press release states. Doral is among the most sought after industrial submarkets in South Florida, where demand consistently outpaces supply.
Founded in 1986, Panattoni focuses on industrial and office development. The firm has built more than 610 million square feet of commercial space across the U.S., Panattoni’s website states.
San Francisco-based Prologis is another California firm looking to redevelop a Doral office property for industrial use. This month, the real estate investment trust paid $54.5 million for the headquarters of TracFone, a subsidiary of Verizon, at 9700 Northwest 112th Avenue.
Prologis plans to redevelop the 144,000-square-foot office building on the 18.5-acre site into a logistics facility. Last month, Prologis also paid $50.9 million for Pan American North Business Park in Medley as part of a $3.1 billion nationwide industrial portfolio purchase from Blackstone.