DORAL, Fla., April 19, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Doral Park Centre, a seven-suite, 13,925-square-foot retail property located in Doral, Florida. The property sold for $11 million or $789.72 per square foot.

“The sale of Doral Park Centre at just over one percent off the list price is a testament to the quality of the asset the developer created in this vibrant, highly regarded market of Doral,” said Edward Romo, senior associate in Marcus & Millichap’s Miami office.

Romo and Scott Sandelin, senior VP of investments of the Sandelin Group of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, an affiliate of IRAS Group, a prominent Miami-based real estate investment firm.

“After having stabilized the property post-pandemic and securing a strong tenancy, we felt it was the correct time to recycle capital into new value add opportunities,” said Jean Paul Irastorza, senior VP of asset management for IRAS Group. “We continue, however, to be bullish on Doral’s long-term growth and future development.” 

The buyer, who recently sold a warehouse property in Doral and chose to reinvest a portion of the proceeds from that sale into Doral Park Centre, was procured by Kristina Filippone of First City Realty Partners, Inc.

The fully leased retail property is directly across from the largest undeveloped parcel of land in Doral, a 175-acre site recently put under purchase contract by Bridge Industrial.

Doral Park Centre is located at 3887 NW 107th Ave in the upscale Miami suburb of Doral, Florida. Originally built in 2014, the retail center sits on .70 acres. It is 100% fully occupied by a diverse mix of well-curated tenants, including 5.11 Tactical Miami, PANNA New Latino Food, Ohana Sushi, 107 Beauty Bar & Spa, and CKO Kickboxing, among others.