Doral I and Doral II, separated by another building, are located at 3625 and 3785 N.W. 82nd Ave. As a whole, the two buildings are approximately 90% occupied.
The buildings are four stories and contain 101,420 net rentable sf combined. The 3625 building has 50,558 sf, and the 3785 building has 50,862 sf. The total gross building area in both buildings, including common areas, is 107,387 sf. The property contains 320 parking spaces, and additional parking is available in an adjacent lot.
Stephen Nostrand, director of mortgage and investment banking for Codina Realty Services Inc./Oncor International, who represented both the buyer and the seller in the transaction, says it was time for Doral FlexxSpace to adjust its portfolio. "I think it's a portfolio strategy," he says. "They own a large portfolio of office and industrial properties. It was time for a strategic move, and that strategic move was either refinance or sell. It's a very active market for sellers.
"They were interested in a quiet, quick sale, as opposed to going to the market," he adds. "This was a very quiet sale. We contacted a couple of our clients, and one happened to be the right one."
Nostrand says the kind of tenants and tenant sizes are "almost identical" to those at another property the buyer owns, the Summit properties. For this reason, "These guys were perfect to step up and purchase these assets from Doral FlexxSpace," he says.
The new owners are planning cosmetic improvements to the buildings, which were built in 1982 and 1983, according to Nostrand.
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