Terra Completes $74 Million Sale of Doral Square Retail Center at NW 36th Street and NW 87th Avenue in Doral

Terra has completed the sale of Doral Square, a 150,000-square-foot retail center located at the southeast corner of Doral Boulevard NW 36th Street and NW 87th Avenue in the City of Doral. The property was sold to Florida-based investment firm IMC Equity Group for $74 million. The transaction was brokered by Mark Gilbert of Cushman & Wakefield and closed on December 17, 2025.

Completed in 2021, Doral Square is nearly fully leased and serves as a prominent retail destination at the primary gateway into Downtown Doral. The center is positioned within one of the city’s most active commercial corridors and provides direct access to surrounding residential neighborhoods and employment centers.

“When we first opened Doral Square, our goal was to bring a dynamic, community-focused retail destination to a rapidly growing corridor,” said David Martin, CEO of Terra.

“Five years later, the center has become an important part of daily life in Doral, with a tenant mix that brings energy, convenience, and lifestyle amenities to the neighborhood. The success of this asset and today’s sale demonstrate how thoughtful placemaking can drive lasting value and enhance communities.”

The tenant roster includes anchor users such as Marshalls, Ross Dress for Less, and UFC Gym, along with a mix of national, regional, and local tenants including HomeGoods, Pet Supermarket, One Medical, LaserAway, AT&T, Paradise Grills, European Wax Center, First Watch, Jersey Mike’s, Just Salad, Panda Express, Nacion Sushi, Lima Bakery, Miu’s Tea, and El Toro Loco. Together, the tenancy supports daily needs, dining, wellness, and service-oriented uses for the surrounding community.

“The property fits extremely well within IMC’s retail portfolio,” said Carlos Segrera, Chief Investment Officer of IMC Equity Group.

“Its exceptional location at the southeast corner of Northwest 87th Avenue and Doral Boulevard, combined with the fact that many of the tenants are well-known to us, made this a compelling opportunity and a great acquisition with which to close the year.”

Doral Square was designed by Touzet Studio and features a contemporary retail layout composed of multiple building volumes organized around pedestrian-oriented circulation. The design incorporates indoor and outdoor connections, outdoor dining opportunities, and material selections intended to introduce texture, color, and visual continuity throughout the site. Integrated lighting elements and curated artwork are incorporated into the public-facing spaces.

The project also includes a permanent public art component commissioned by Terra, designed by an internationally recognized artist known for large-scale architectural color and light installations. The artwork contributes to the center’s identity and pedestrian experience.

Doral Square occupies a highly visible site at the intersection of NW 36th Street and NW 87th Avenue and functions as a key entry point into Downtown Doral. The location places the center within close proximity to major employment hubs, including Carnival Cruise Line headquarters, Univision, Perry Ellis International, and Blue Cross Blue Shield of Florida, as well as numerous logistics and corporate service firms located throughout Doral’s business parks. The surrounding employment base supports consistent daytime activity and foot traffic.

Terra has been an active developer in Doral in recent years. In 2023, the firm completed Doral Atrium, a lifestyle-oriented retail center located at the northwest corner of Doral Boulevard and NW 79th Avenue.

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