Terra Group just paid $12.5 million for a Doral office building near the Trump National Doral Miami, property records show.
The Doral Court, a 209,000-square-foot office building at 8600 Northwest 36th Street, traded for about $60 per square foot. Records show Miami-based Banyan Street Capital is the seller.
Banyan took ownership of the 9.4-acre property last year in March after making a stalking horse bid of $25.9 million once the building’s previous owners filed Chapter 11 bankruptcy.
The building sits on a 5.5-acre lot and was built in 1979. Records show Banyan still owns an adjacent 3.8-acre lot on the corner of Northwest 87th Avenue and 36th Street.
Miami-based Terra Group is currently building a 78,0000-square-foot, mixed-use office building in Coconut Grove called Mary Street with Mayfair Real Estate Advisors. It also owns a community of single-family homes in Doral called Modern Doral and a retail center occupied by Publix, Citibank, McDonald’s and TJ Maxx, called Doral Commons.
Doral Court is close to a number of up-and-coming developments in Doral, like Codina Partners’ Downtown Doral project and CityPlace Doral by The Related Group and Shoma Homes.