Prive Group pays $17M for Davie office buildings

The eight buildings are 99.4% leased

Aug.August 07, 2019 08:45 AM
Javier Rabinovich and Mariano Karner with the Flamingo Commons buildings

Javier Rabinovich and Mariano Karner with the Flamingo Commons buildings

Prive Group paid about $17 million for eight buildings within an office park in Davie, as the North Miami Beach-based real estate firm expands its commercial portfolio in South Florida.

Prive’s affiliate Prive Flamingo LLC bought the buildings totaling nearly 82,000 square feet within Flamingo Commons at 12401-12585 Orange Avenue, according to a Prive spokesperson and Cushman & Wakefield.

The seller is Flamingo Commons LLC, linked to Michael Orlove.

Prive, led by Argentinians Javier Rabinovich and Mariano Karner, assumed an $11.3 million commercial mortgage-backed securities loan from Starwood Mortgage Capital, the spokesperson said.

Cushman’s Greg Miller, Miguel Alcivar, Scott O’Donnell, Dominic Montazemi and Mike Ciadella, as well as Steven Beauchamp from Mangrove Advisory, represented the seller. Jason Hochman of Cushman assisted with the assumption of the loan.

Developed in 2002, the original Flamingo Commons project included 10 buildings totaling 94,457 rentable square feet, on a 14.78-acre site. Two of the buildings were sold immediately after development.

Prive’s six one-story buildings and two two-story buildings will continue to be operated by Crexent Business Centers, the spokesperson said. The property is currently 99.4 percent to more than 200 tenants, according to the offering memorandum. Tenants include Flamingo Commons Dental, Mazzola’s West Italian Restaurant, Shades of Red Salon and The Gordon Group Luxury Cruise Planners, Cushman & Wakefield said.

Prive focuses on the commercial market in South Florida. Its office projects include Forum Aventura, a recently completed 12-story office condo building at 19790 West Dixie Highway in Ojus; and Aventura Square at 18802-18820 West Dixie Highway in Ojus, an eight-story office condo project with about 100,000 square feet of office space and 9,000 square feet of ground floor retail.

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