Doral Center’s Transformation Boosts Occupancy Rates

Doral, Florida – Doral Center’s Remarkable Transformation Elevates Occupancy Rates

Doral Center has achieved a significant increase in occupancy rates, rising from 40% to 80% as a result of several new leases in South Florida’s competitive commercial real estate market. This office development, strategically located at the corner of Northwest 36th Street and Northwest 87th Avenue, spans a total of 290,157 square feet.

Recent activity at Doral Center includes the securing of 10 leases covering over 36,000 square feet by CBRE and Banyan Street Capital, which represents a substantial contribution to the revitalization of the area. The leasing negotiations were facilitated by Gordon Messinger and Randy Carballo from CBRE, representing the landlord in these dealings.

The Airport West submarket, where Doral Center is situated, has witnessed a remarkable 703,000 square feet of leasing activity over the last four quarters, outpacing all other suburban markets in terms of volume. Notably, Doral Center accounted for 58,000 square feet of leasing, which constitutes approximately 8% of the submarket’s total leasing activity, despite representing only 3% of the available inventory in the region.

Capital Improvement Initiatives

To further enhance the attractiveness of Doral Center, Banyan Street Capital is initiating a robust $14 million capital improvement plan. This plan aims to elevate the facility’s overall appeal and functionality through various upgrades, including enhancements to building facades, landscaping, corridors, restrooms, expanded outdoor areas, and a new parking garage. New signage and the creation of move-in ready “spec” suites will also be part of the improvements, aiming to attract even more tenants to the location.

Notable New Leases and Renewals

Among the new leases signed, H.W. Lochner, Inc. has expanded to over 7,700 square feet to accommodate 21 employees. First-Citizens Bank & Trust Company increased its occupancy to 5,500 square feet, while PanEuropean Holdings, Inc. signed a lease for 5,900 square feet. St. Jude Children’s Research Hospital renewed its existing lease for 4,200 square feet, and Smartronix, LLC renewed its lease for 3,110 square feet. Additional new leases include DigitalEra Group, LLC at 3,000 square feet, WXC Corporation at 2,500 square feet, Interglobal Logistics Corp. at 1,800 square feet, Investkas, LLC at 1,700 square feet, and AutoPAQ, LLC at 1,000 square feet.

Commercial Real Estate Growth in Doral

Doral is experiencing a notable growth spurt in its commercial real estate sector, characterized by significant leasing activity. For instance, SJC Ventures and Nuveen Real Estate have acquired a 10-acre parcel in Doral, valued at $32 million, intended for a new mixed-use center dubbed Doral Marketplace. This development will encompass 88,938 square feet, anchored by a Whole Foods Market, and will include other tenants such as Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa, and Apizza Brooklyn Resto + Vino. Construction for the Doral Marketplace is slated to commence in 2023, with anticipated openings scheduled for the second half of 2025.

The location of Doral Marketplace is advantageous due to its proximity to Miami International Airport and the larger population accessible within a 60-minute drive, positioning it as a key player in the ongoing commercial development in the area.