A group of investors sold a portion of the Westside Plaza office complex in Doral for $63.3 million, while retaining one building to redevelop as a residential project under Florida’s Live Local Act, according to information released on Mar. 31.
The sale reflects ongoing changes in the suburban office market as some properties are converted into other uses amid shifts in demand. The transaction involved Denver-based Ascentris and Miami firms Highline Real Estate Capital and Square2 Capital selling Westside Plaza I at 8400 Northwest 33rd Street and Westside Plaza III at 8200 Northwest 33rd Street. Miami-based Cofe Properties purchased the two four-story buildings, which total approximately 261,600 square feet.
Cofe financed the acquisition with a $41.4 million loan from Ocean Bank. The price equates to about $242 per square foot. The deal follows an earlier sale in January when Ascentris, Highline, and Square2 sold Westside Plaza II at 8300 Northwest 33rd Street for $26.3 million to a joint venture that includes Dallas-based Zom.
The new partnership plans to redevelop Westside Plaza II into a multifamily project with approximately 380 units under the Live Local Act guidelines. This law allows developers greater flexibility if they designate at least forty percent of apartments for households earning no more than one hundred twenty percent of area median income; it also offers incentives such as property tax abatements.
Ascentris is led by Gabe Finke; Highline by David Moret; Square2 by Jay Caplin; and Zom is led by Greg West. The three companies acquired the entire Doral campus for $73 million in 2021 before renovating it and raising occupancy rates from sixty-three percent to ninety-eight percent at two of its buildings.
This redevelopment aligns with broader trends where older suburban offices are being replaced by residential or industrial projects due to changing work patterns, higher interest rates, and evolving tenant demand.
