Whole Foods Market Opens First Doral Store

• Ares Management acquired 3511 NW 91st Ave, the former Miami Herald and El Nuevo Herald headquarters, for $25.9M, roughly $4M below Panattoni Development's August 2024 purchase price
• The 9-acre Doral site is being redeveloped into two 77,000 SF Class A industrial buildings (154,000 SF total) targeting logistics, cold storage, and high-tech distribution tenants
• Stream Realty Partners' Nick Wigoda and Steve Medwin are handling leasing; delivery is slated for Q3 2026
• The deal marks Ares' second major South Florida industrial acquisition in under a year, following its $147M purchase of a seven-building Miami Lakes complex in October 2024

Ares Lands a Doral Industrial Site at a Discount

Panattoni Development paid $29.9 million for the former Miami Herald headquarters in August 2024. Less than a year later, it sold at a loss.

A trust affiliated with Los Angeles-based Ares Management, led by Michael Arougheti, closed on the 9-acre site at 3511 Northwest 91st Avenue in Doral for $25.9 million — $4 million below what Atlanta-based Panattoni had paid, per property records. By the time the deal closed, Panattoni had already begun demolishing the 158,268-square-foot building on the property, having filed plans with Miami-Dade County to redevelop the site into two warehouses spanning 153,653 square feet with 171 parking spaces.

Ares is now carrying that vision forward. Doral Central Logistics Park will deliver two 77,000-square-foot Class A industrial buildings, 154,000 square feet in total — built for modern logistics, cold storage, and high-tech distribution tenants. The project is under construction and on track for a Q3 2026 delivery.

From the Southern Command to the Printing Press to the Loading Dock

The site's history runs through some of South Florida's most recognizable institutions. Developed in 1997 as the headquarters for the U.S. Southern Command, the building sat vacant after the military relocated to a new Doral campus. The Miami Herald and El Nuevo Herald moved in during 2013, two years after selling their longtime 15.5-acre waterfront headquarters near Downtown Miami to Genting for $236 million. When the pandemic hit in 2020, Herald staff went remote and never came back. McClatchy, the papers' owner at the time, filed for bankruptcy that same year. Chatham Asset Management, the hedge fund that acquired McClatchy's titles, left the Doral building behind.

By the time Panattoni bought the property from Doral-based Parmenter in August 2024, Learning World Academy was the lone tenant. Panattoni had its own plans: flatten the office building and put up warehouses. What changed was who would own them.

Stream Realty Handles Leasing as Doral's Industrial Supply Stays Tight

Stream Realty Partners has been awarded the leasing assignment, with Managing Directors Nick Wigoda and Steve Medwin leading the effort on behalf of ownership.

"Doral Central Logistics Park will bring a best-in-class industrial space to one of the most dynamic and supply-constrained markets in South Florida," Medwin said. "The project's design, functionality, and location will appeal to tenants seeking a premium image, high efficiency, and unmatched connectivity to Miami International Airport and major highways."

That pitch lands in a market where industrial vacancy across Miami-Dade County sits around 7 to 8 percent, with the Doral Core submarket consistently running tighter than the county average. Class A asking rents in Doral range from $14 to $18 per square foot NNN, and new supply has been slow to arrive. Stream is positioning Doral Central for tenants who want the address and the airport access. The site sits between Doral Central Park and Northwest 36th Street, inside one of the region's primary logistics corridors.

Ares Builds Its South Florida Industrial Footprint

The Doral acquisition fits a deliberate pattern for Ares. In October 2024, the firm paid $147 million for a complex of seven warehouses in Miami Lakes, the fourth-largest industrial deal in the tri-county region that year. Adding Doral Central Logistics Park, even at a modest 154,000 square feet, extends that footprint into the Doral Core, the submarket that commands the highest rents and lowest vacancy in Miami-Dade.

Delivery is targeted for Q3 2026.