ONE PARK SQUARE AT DORAL
Opportunistic Distressed Recapitalization
PROPERTY: 11-story, Class A office asset constructed in 2010 totaling 281,785 SF. The property is located in the Doral-Airport West submarket of Miami, FL, in close proximity to Miami International Airport.
PRICING: $27.5M ($98 PSF) – 30% of construction costs
- Acquisition of a high quality, newly constructed asset at a steep discount to replacement cost, offering the opportunity to reset the basis and lease-up the asset through offering highly competitive rents for Class A space. The property offers superior amenities and finishes, including an integrated parking facility.
- At acquisition, New Boston signed a 10-year lease with Amadeus to take 37% of the building, bringing the percent leased at closing to 48%.
- Premier location preferred by many multi-national corporations, in close proximity to Miami International Airport with immediate access via multiple highways to all points in the region.
- New Boston sourced the opportunity through an off-market, principal-to-principal relationship. We structured a complicated discounted payoff transaction with the existing owner and lender, negotiated a 105,000 SF lease with a multi-national corporation, and closed the transaction in a span of approximately 30 days.
- The property is part of a larger master-planned community, and the transaction includes a right of first offer on adjacent development parcels.