The Real Deal Miami

New York investors buy Aventura Corporate Center for $105M

The buyer is tied to the Fishels, who own Renaissance Properties in Manhattan

May 10, 2016 12:00PM
By Katherine Kallergis

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Aventura Corporate Center

Aventura Corporate Center

The Aventura Corporate Center has sold to a New York-based group of investors for $105.28 million, or $417 per square foot. 

ACC/GP Development LLC and ACC/GP Investment LLC sold the property, which includes three Class A office buildings and three parking garages on Biscayne Boulevard between Northeast 207th and 209th streets in Aventura.

Corporate records show the buyer is controlled by investors Kenneth L. Fishel and Robert Fishel. In Manhattan, the Fishels own Renaissance Properties, a privately held development company. In February the firm sold a 12-story commercial building in New York for $59 million.

They purchased the 8.67-acre Aventura property through a 1031 exchange and financed the deal with a $50 million loan from Prudential Insurance Company of America. The financing has a seven-year loan term with a “very attractive interest rate,” Bob Dockerty of Dockerty Romer & Co. told The Real Deal. He said the buyers were looking to buy a Class A office property in Florida after selling a property in New York.

Dockerty represented the buyer, while HFF’s Manny de Zarraga, Ike Ojala, Hermen Rodriguez and Jorge Portela represented the sellers.

The 252,244-square-foot office center, at 20801, 20803, and 20807 Biscayne Boulevard, was developed between 1986 and 2007, and includes two five-story buildings and one six-story building. It’s on the same block as the new AC Hotel by Marriott, which was developed by Norwich Partners.

Tenants at Aventura Corporate Center include Morgan Stanley, South Broward Hospital, Regus and Serendipity Labs.

“Aventura is the strongest submarket with 4.6 percent vacancy,” Dockerty said, referencing a CBRE office report released last week. The deal closed on Friday, he said.

The sellers are controlled by Michael, Sara and Charles Bedzow of Groupe Pacific, a South Florida real estate firm. Michael Bedzow sold a Fort Lauderdale Beach development site for $10 million last year.

Nearby is Aventura ParkSquare, an 8.5-acre, mixed-use project being developed by Integra Investments.