The 2500 Building was constructed in 1982 and renovated in 2005 and 2006. The property's occupancy was in excess of 90% at the time of the sale and is occupied mostly by small corporate tenants. The site provides a parking ratio of four spaces per 1,000 rentable sf. Trammell Crow Co. executive vice president and principal John Bell represented the seller, 2500 Building LLC, which is a locally based private investment group.
Among the building's attributes is that it is located in the Doral section of Miami. "The Doral market has been one of the strongest," Bell tells GlobeSt.com. "It is considered a gateway to Latin America."
Residential development in Doral has been strong with some office developments, such as the Doral Center, being converted into residential use. "Doral is a highly attractive growth area," he says.
The 2500 Building is also attractive to tenants due to its hurricane readiness, equipped with significant generator systems, ensuring it will continue operations throughout business interruptions. "The seller did a terrific job of renovating and lease-up of the property during the last year, creating value through their hands on approach and attention to detail," Bell says.
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