The Real Deal Miami

Nicklaus Children’s Hospital expands to Aventura

Asking rent was about $300,000 a year

December 03, 2015 09:45AM
By Katherine Kallergis

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Capital Bank Building in Aventura

Capital Bank Building in Aventura

Nicklaus Children’s Hospital has inked a lease in Aventura for a pediatric care center that will open in March.

Nicklaus, formerly Miami Children’s Hospital, has signed a long-term lease for 7,500 square feet, broker Barrett Wolf told The Real Deal. Wolf, of Turnberry Asset Management, represented the landlord of the Capital Bank Building at 20295 Northeast 29th Place. Josh Dubin represented the tenant.

The lease marks the first in Aventura for Nicklaus Children’s Hospital. The health care system has care centers in Kendall, Weston and Miami. In Aventura, Mount Sinai has a medical center at 2845 Northeast 199th Street.

The Aventura building’s common areas, elevator landing and bathrooms were recently renovated, Wolf said. According to a flier for the property, asking rent for the third floor, where Nicklaus will be, was $33 per square foot, triple-net, or $40 gross. That comes out to about $300,000 a year.

The three-story building was developed in 1997 on a 1.1-acre lot, according to Miami-Dade County records. B&H Aventura Offices paid $5 million for the property out of foreclosure in 2013. The LLC is led by Steve Levy.

Last year, the Miami Children’s Health System signed a nearly 80,000-square-foot lease for its headquarters, at 5301 Waterford in Miami. Cresa South Florida represented the health system at the time.