MIAMI-The American Welding Society, a Miami-based non-profit,purchased the 122,482-square-foot Royal Palm Offices at Doral, for$19 million, $3 million more than the last buyer paid in 2006.
It was an unusual transactions—an all cash sale for a buildingwhich was only 15% occupied. Former owner Carlos C. Lopez-Cantera,a Coral Gables real estate investor, bought the building, which isacross the street from the Doral Golf Resort and Spa, for $16Million in 2006, then cleared it of almost all its tenants in orderto do a complete renovation of the 38-year-old property.
Lopez-Cantera spent $1.5 to $2 million gutting the building,then redoing the electrical and mechanical systems to bring it upto code. When the sale closed, the building was still mostly inshell condition with concrete floors and no buildout for 85% of thebuilding.
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