In a deal valued at $51 million, a joint venture of Related Group and BH Group has acquired a 4.5-acre parcel at 2999 NE 191st St. in Aventura, Fla., in metro Miami.
Part of the site is occupied by the 107,000-square-foot Aventura View office building, which is currently more than 95 percent leased. The buyers plan to upgrade this building and replace the existing surface parking with a mixed-use project.
Under current plans, the mixed-use development will feature new Class A office space, luxury residential housing with top-tier amenities, ground-floor retail for entertainment and restaurant users, and a parking structure.
Bernardo Fort-Brescia of architectural firm Arquitectonica will lead the design.
A Related spokesperson told Commercial Property Executive that the acquisition was financed with a $35 million loan from Ocean Bank but indicated that no further information is being disclosed about the project at this time.
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Tere Blanca of Blanca Commercial Real Estate has been selected to handle the office building’s leasing and management.
In a prepared statement, Jon Paul Pérez, Related’s president, said that as Miami continues to grow and evolve, it is critical that every possible parcel is used to its maximum potential, and that the company believes in the potential of the Aventura submarket.
Another Florida joint venture project
Last November, Related Group, BH Group and Globe Invest Ltd. formed a joint venture to join Michael Masanoff in the $500 million Transit Village mixed-use project in West Palm Beach, Fla. The 1.5 million-square-foot development will include about 300,000 square feet of office space and will have direct connections to both rail and bus transit. Avison Young assisted with arranging the joint venture.
The Miami-Dade office market is benefiting from steady employment gains over the past 12 months, as overall office vacancy slowly declines, according to a second-quarter report from Cushman & Wakefield. As in many other markets, tenants have gravitated toward high-amenity Class A space, even when other options might be more affordable.
The Northeast submarket has an overall vacancy of 7.1 percent on an inventory of nearly 1.6 million square feet, with no further space currently underway, Cushman & Wakefield reported.