A private equity giant has purchased the former Miami Herald headquarters in Doral for $25.9 million—significantly below its last sale price of $29.9 million in August 2024.
The nine-acre site, located at 3511 N.W. 91st Ave., was sold by Doral LPIV LLC, an affiliate of Atlanta-based Panattoni Development Co., to AIREF Doral Distribution Center LLC, part of the Ares Industrial Real Estate Income Trust managed by Los Angeles-based Ares Management.
Currently, the property includes a 158,268-square-foot office/flex building, originally developed in 1997 as the headquarters for U.S. Southern Command. The Miami Herald moved into the facility in 2013 but vacated it during the Covid-19 pandemic, transitioning much of its staff to remote work. A private school later occupied the building.
In March, Panattoni submitted redevelopment plans proposing two industrial buildings totaling 153,654 square feet, with each structure spanning 76,827 square feet and offering 36-foot clear heights. The project also includes 171 parking spaces. According to county records, demolition of the existing office structure began in April.
This sale reflects a broader trend in suburban Miami-Dade, where aging office properties are increasingly being converted into industrial use. While office demand remains strong in core areas like Brickell, Miami Beach, and Coconut Grove, leasing activity in western suburbs like Doral has been sluggish. In contrast, the Airport West/Doral submarket continues to see robust demand for industrial space.
Ares Management has been actively expanding its footprint in South Florida’s industrial sector. In April, AIREF acquired three Broward County warehouses for a combined $120.5 million.