Prive Group pays $17M for Davie office buildings

The eight buildings are 99.4% leased

Miami /
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.


Related Articles

arrow_forward_ios
Related's Stephen Ross, Swire Properties' Kieran Bowers and renderings of One Brickell City Centre (LinkedIn, Getty, Swire Properties and Related Companies)
Swire, Related score approval to widen planned Brickell office tower
Swire, Related score approval to widen planned Brickell office tower
Babak Ebrahimzadeh with The Contemporay
Babak Ebrahimzadeh proposes West Palm office project
Babak Ebrahimzadeh proposes West Palm office project
 Related Companies' Stephen Ross and a rendering of 515 Fern (Getty, Red Leaf NY)
Stephen Ross bets on West Palm office development — again
Stephen Ross bets on West Palm office development — again
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
A rendering of the proposed office building and Michael Shvo (Kobi Karp, Shvo)
Michael Shvo plans second Miami Beach office project
Michael Shvo plans second Miami Beach office project
From left: Belong co-founders Tyler Infelise, Ale Resnik, and Owen Savir (Belong, Getty Images, Google Maps)
Lease roundup: Rentals manager Belong moves HQ to Brickell
Lease roundup: Rentals manager Belong moves HQ to Brickell
A rendering of the 830 Brickell office tower in Brickell, Miami and Vlad Doronin of OKO Group and Jonathan Goldstein of Cain International (OKO Group, Cain International)
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
View of the buildings at 612, 817 and 815 Lincoln Road in Miami Beach and Terranova’s Stephen Bittel (Google Maps, Terranova Corp)
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
arrow_forward_ios

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

Loading...