Banyan Street, Independencia Secure $53.5M Refi for Renovated Doral Campus

Banyan Street, Independencia Secure $53.5M Refi for Renovated Doral Campus

Banyan Street Capital and Independencia Asset Management have obtained $53.5 million in financing to recapitalize the Doral Center, a two-building office complex in the Miami suburb of Doral, Fla. The debt was provided by Wells Fargo.

Spanning 290,000 square feet across 10.8 acres, the property is located at 3750 Northwest 87th Avenue and 8750 Northwest 36th Street. Constructed between 1985 and 1990, the campus features two structures of six and seven stories. The joint venture acquired the asset for $43 million in 2020 and has since invested $15.5 million in capital improvements to modernize the facilities.

The renovation efforts have resulted in an occupancy rate of approximately 85 percent. CBRE Group, Inc. brokers Amy Julian and Andrew Chilgren arranged the financing. Notable tenants include Quest Workspaces, a coworking operator occupying about 38,000 square feet. In January, the owners sold a three-acre parcel of the land to residential developer ROVR Development for $6 million.

The 2020 acquisition price of $43 million marked a decrease from the property’s sale four years prior. However, the recent capital injection aims to position the asset competitively within South Florida’s office market.

Shares of CBRE Group, Inc. were trading at $151.68 on August 26, 2026, representing a market capitalization of over $44 billion. The real estate services sector has remained active as firms seek to reposition existing assets to meet post-pandemic workplace demands.

What to watch

• Future leasing updates at Doral Center as the owners aim to capitalize on the recent renovations.
• Additional land sales or development activity by ROVR Development on the adjacent parcel.
• CBRE’s future reports on South Florida office market trends and occupancy rates.

Source: original release