Hines has announced the acquisition of Doral Corporate Center, a 276,000-ft², two-building office complex in the Airport West submarket of Miami. Doral Corporate Center was acquired from Florida Office Property Company, Inc., a private REIT advised by Chicago-based LaSalle Investment Management, Inc.
The seller was represented by Jay Caplin of Cushman & Wakefield. Originally designed by Jung/Brannen Associates in 1985, the Class A complex consists of two seven-story buildings situated on 13.6 acres. The project is currently 82% leased to tenants including Citibank, New York Life, BP/Castrol and Medtronic.
Hines will manage and lease the property.
According to Hines Senior Vice President Michael Harrison, "Doral Corporate Center represents another key building block in Hines' South Florida expansion program. It is the fifth development or acquisition for Hines in South Florida in the last seven years, totaling more than 2.4 million ft² of office space. What makes this acquisition unique and interesting is that in addition to 276,000 ft² of office space, Doral Corporate Center also includes two potential development sites for retail and office or hotel uses at this strategic 'main and main' intersection within the city of Doral."
Hines acquired the property through its U.S. Office Value Added Fund. Hines Senior Vice President and fund manager Dave Congdon said: "We are pleased to have purchased such a high-quality property in a growing suburban office market. It provides an excellent opportunity to own a prime property in a location that will continue to benefit from the economic growth of Miami and the suburban markets surrounding the international airport."
Hines Project Director Tom Roth added: "Hines has a reputation and track record for first-class property management, which will enhance these Class A office buildings. Using our local resources and talent we are confident in our ability to lease up this extremely well-located property."