Michael Arougheti Of Ares Management Acquires Office Building In Doral For $25.9M
3511 Northwest 91st Avenue
$25,900,000
$163/SF
Building Size
158,268 SF
Asset Type
Office
Closing
Jun 3, 2025
About this deal
AI
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.
On the Map
$25,900,000
$163/SF
Office
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Doral Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.61%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93