***UPDATED: March 9, 2016*** The bankruptcy auction of this office building in Doral has been canceled, and Banyan Street Capital has been recommended as the buyer by a court-appointed trustee. The Miami-based company made a stalking horse bid of $25.9 million after the building’s owners, NNN Doral Court, filed to reorganize in Chapter 11 bankruptcy. The reorganization attempt came after the group lost a $22.7 million foreclosure judgment after defaulting on a loan secured for the property. While the foreclosure suit was still pending, Banyan had filed suit to enforce a contract to purchase the property. The proposed auction, scheduled for March 2, was canceled after 83 potential buyers failed to produce any qualified bids, which had a minimum starting point set at $25.9 million. The stalking horse bid ended up serving as the minimum amount and was court-approved as part of the liquidation plan.
Doral Court, an office complex located at 8600 Northwest 36th Street, is coming to auction on March 2, and bids are currently being accepted. The 210,000 square-foot building sits on 9.4 acres in desirable Doral, which has become one of South Florida’s hottest spots. According to a recent article from The Real Deal, bids must start from $26.8 million.
Doral Court is located in the same area as Codina Partners’ Downtown Doral and The Related Group and Shoma Homes’ CityPlace Doral. Trump National Doral Miami golf resort is also near by. With such a prime location, the auction is expected to draw attention from all over the world.
The site, which can be kept as is or redeveloped into a mixed-use project, has been available since early August, after the group NNN Doral Court filed for chapter 11 bankruptcy. NNN Doral Court represents 29 entities that combine to make-up 92% of the current tenants. After the group lost a $22.7 million foreclosure judgment to its lender, a federal bankruptcy judge approved the liquidation plan submitted by the court appointed trustee. Potential buyers must submit an offer that is equal to or greater than the $26.8 million stalking horse bid by Miami-based Banyan Street Capital, who previously filed a lawsuit claiming they had a contract to buy the site when the foreclosure was still pending. A settlement has since been negotiated, giving Banyan a portion of the profits from the sale.
NNN Doral Court has allegedly received higher offers for the property already, with one coming in at $31 million by an affiliate of North Miami-based IMC Equity Group. The prime location combined with limitless development potential make this investment opportunity one-of-a-kind. Bids for Doral Court will be accepted through February 19, 2016.
For more information about real estate investment opportunities in Doral, please visit our website, www.oceanicarealestate.com, or contact us directly at (786) 270-1743 or info@oceanicarealestate.com.