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MIAMI-Dallas-based Hines has acquired the 276,000-sf Doral Corporate Center in the Airport West submarket for $55.75 million. The property was acquired through Hines’ US Office Value Added Fund.

The complex consists of the 140,600-sf Doral Corporate I at 8750 NW 36th St., which was built in 1987 and renovated in 1991. The 137,474-sf Doral Corporate II, located at 3750 NW 87th Ave., was built in 1985 and renovated in 1991. Space in both buildings rents for $22 to $23 per sf. The complex is currently 82% occupied with tenants such as Citibank, New York Life, BP/Castrol and Medtronic.

“What makes this acquisition unique is that, in addition to the 276,000 sf of office space, it includes two potential development sites for retail and office or hotel uses at this strategic ‘main and main’ intersection within the City of Doral,” says Hines senior vice president Michael Harrison.

Hines will manage and lease the property. “Doral Corporate Center represents another key building block in Hines’ South Florida expansion program,” Harrison says. “It is the fifth development or acquisition in Hines in South Florida in the last seven years, totaling more than 2.4 million sf of office space.

The seller was REIT Florida Office Property Co., Inc., which is advised by Chicago-based LaSalle Investment Management Inc. The seller was represented by Jay Caplin, of Cushman & Wakefield. “For some time, Florida Office Property has been looking to dispose of some of its assets,” Caplin tells GlobeSt.com. “The company felt this was a good time to in the sales market.”

Other properties Florida Office Property plans to sell include the 77,000-sf Bank of America Center office building at 4501 N. Tamiami Trail and the 44,000-sf M & I Building at 800 Laurel Oak Dr. in Naples.

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