MG3 Group sold a pair of charter school buildings in Miami-Dade County for a combined $91.2 million. The two properties in Doral and Kendall represented the majority of buyer BridgePrep Academy’s $172.4 million purchase of a Florida charter school portfolio from Aventura-based MG3.
BridgePrep, led by CEO Tom Torkelson, paid $46.5 million and $44.9 million, respectively, for the Kendall and Doral schools, records show. The Miami-based charter school operator previously leased the two buildings at 13300 Southwest 120th Street and 3500 Northwest 89th Court, as well as five other facilities in Naples, St. Cloud, Orlando, Davenport, and Poinciana, Hernan Leonoff, an MG3 principal, told The Real Deal.
MG3, whose other principals are Marcelo Saiegh and Gustavo Bogomolni, completed the 82,526-square-foot building in Kendall in 2019, records show. The previous sale price for the 10-acre site is not listed in deeds.
In 2020, MG3 acquired the 6-acre Doral property for $11.6 million. The firm converted an existing 122,663-square-foot building completed in 2013 into a charter school. The building was formerly the Miami Herald’s printing plant.
Selling the portfolio to BridgePrep is part of MG3 Group’s broader strategy “to optimize its holdings and reallocate capital toward diversified real estate investments across Florida,” Leonoff said.
MG3 now has two major school portfolio deals under its belt. In 2021, the firm sold a collection of eight Florida charter schools, including two campuses in Homestead and Hollywood, for $242 million to nonprofit Educational Growth Fund.
Across South Florida, MG3 owns roughly a dozen commercial properties and a half-dozen charter school buildings, according to the firm’s website. In 2022, MG3 dropped $78 million for a distribution facility in Jupiter leased to Walgreens. MG3 also owns a development site in Aventura where the company is planning a medical office project. In 2023, MG3 paid $10 million for the 1-acre assemblage.
