SMPO has sold 3511 Doral, the former headquarters of the Miami Herald and its Spanish sister paper, El Nuevo Herald, in Doral, Fla. A joint venture headed by Parmenter Realty Partners paid $27.3 million for the 154,828-square-foot office building, CommercialEdge data shows.
The new ownership group, that also includes Prime Finance and Cudlob Capital, appointed Blanca Commercial Real Estate to lease the property. The latter also represented the seller in the transaction, while JLL secured the acquisition financing, a $26.5 million loan originated by Ladder Capital.
Located on more than 9 acres at 3511 NW 91st Ave., the 1997-built property originally developed for the U.S. Southern Command underwent renovations in 2012. The new owners also plan to implement major capital improvements, transitioning the building to multiple-tenant use.
The two-story property features 77,414-square-foot floorplates, 1,006 parking spaces along with dedicated back-up power that includes two on-site generators.
Across the street from West Coast University’s Miami Campus, the property is some 8 miles west of the Miami International Airport, while downtown Miami is 13 miles southeast.
Doral office landscape
The Miami Herald moved to 3511 Doral in 2013, after selling its downtown Miami headquarters that it had occupied since 1963. That deal added to Doral’s notable tenant list that includes Carnival Cruise Lines, the Federal Reserve Bank, PBS & J Inc. and Perry Ellis International, among others. The Miami Herald moved out of its Doral base in August 2020.
In February, Terra and Terranova Corp. sold the almost 24-acre former PepsiCo regional headquarters and distribution center site in Doral, Fla. The disposition brought $55 million to the company.