Terra Completes $74 Million Sale of Doral Square Retail Center to IMC Equity Group in Miami’s City of Doral

Terra, one of South Florida’s most active residential and commercial real estate development firms, has completed the sale of Doral Square, a 150,000-square-foot lifestyle-driven retail development in Miami’s City of Doral. Located on the southeast corner of Doral Boulevard and 87th Avenue, the gateway to Downtown Doral, the property has been sold to Florida-based real estate investment firm IMC Equity Group for $74 million. The transaction was brokered by Mark Gilbert of Cushman & Wakefield.

“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.”

Completed in 2021, the nearly fully-leased Doral Square includes a roster of anchor tenants such as Marshalls, Ross Dress for Less, and UFC Gym, accompanied by a diverse mix of national, regional, and local tenants including HomeGoods, Pet Supermarket, One Medical, Laser Away, AT&T, Paradise Grills, and European Wax Center, First Watch, Jersey Mike’s, Just Salad, Panda Express, Nacion Sushi, Lima Bakery, Miu’s Tea and El Toro Loco. Together, these tenants create a well-rounded retail destination that serves daily needs, dining, wellness, and lifestyle experiences for the surrounding Doral 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’s design, created by award-winning architectural design firm Touzet Studio, is a modern assemblage of retail volumes and environments that allow for a dynamic mix of retail, dining and commercial uses. A significant amount of indoor/outdoor space connections create a vibrant and diverse pedestrian experience with many opportunities for outdoor dining. The development’s design is unified with materials that add warmth and texture, while light coves in the walls and bright colors integrate with the selected artwork.

Terra commissioned an internationally recognized artist known for colorful interventions in architecture to design Doral Square’s public art component. The artist’s design for the unique concept created an experience merging color and light.

Terra’s investment in Doral has made a significant contribution to the young city’s development. In 2023, the firm also completed Doral Atrium, a lifestyle-oriented retail center located on the northwest corner of Doral Boulevard and 79th Avenue.

Doral Square sits at the highly visible intersection of Doral Boulevard NW 36th Street and NW 87th Avenue, serving as a key entry point into Downtown Doral. The property’s position within one of the city’s most active commercial corridors places the center within minutes of major employment hubs, including Carnival Cruise Lines’ headquarters, Univision, Perry Ellis International, and Blue Cross Blue Shield of Florida, along with a wide concentration of logistics and corporate service firms in Doral’s business parks. The mix of employers generates a strong daytime population and steady customer base, enhancing the property’s role as a convenient and well-connected retail and lifestyle destination for both local residents and the broader workforce.