Michael Arougheti Of Ares Management Acquires Office Building In Doral For $25.9M

The office property located at 3511 Northwest 91st Avenue in the Doral market has been sold for $25,900,000. This asset spans 158,268 square feet and is situated on 9 acres, translating to a price per square foot of $164. The property was previously the headquarters for the Miami Herald.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $25,900,000
• Buyer: Michael Arougheti - Ares Management
• Seller: Adon Panattoni - Panattoni Development
• Sale Date: 06/03/2025
• Market: Doral
• Square Footage: 158,268
• Price per Square Foot: $164
• Acres: 9

Ares Management’s AIREF Doral Distribution Center LLC acquired the property from Adon Panattoni, with plans to demolish the existing building to develop 154,000 square feet of industrial space in response to the growing demand in the Airport West/Doral market. This sale reflects a reduction from the previous sale price of $29.9 million in 2024.