New York investors buy Aventura Corporate Center for $105M

Miami /
May.May 10, 2016 12:00 PM

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.


Related Articles

arrow_forward_ios
20200 West Dixie Highway, Miami with Harry Dornbusch and Dr. Joshua Lampert (Google Maps)

Aventura office condo owners allege construction defects at Beacon Tower

Aventura office condo owners allege construction defects at Beacon Tower
Tere Blanca and the Aventura office complex (Credit: Google Maps)

Aventura office complex Optima inks new leases

Aventura office complex Optima inks new leases
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura
Major key: DJ Khaled sells waterfront Aventura home for 40% discount

Major key: DJ Khaled sells waterfront Aventura home for 40% discount

Major key: DJ Khaled sells waterfront Aventura home for 40% discount
Prive at Island Estates and BH3’s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen

Privé at Island Estates developer sues Suffolk Construction over defects

Privé at Island Estates developer sues Suffolk Construction over defects
Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings
Seritage Growth Properties stopped construction at Esplanade at Aventura because of the pandemic, and now Mexican restaurant Carolo wants to break its lease.

Esplanade at Aventura work stoppage leads to lawsuit by Mexican restaurant

Esplanade at Aventura work stoppage leads to lawsuit by Mexican restaurant
9495 Biscayne Boulevard, CBRE’s Paul Ahmed and Mackenzie Fry

Triarch Capital scores $35M refinancing for One Turnberry Place

Triarch Capital scores $35M refinancing for One Turnberry Place
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...