Renaissance Properties sells Aventura office complex for $140M
Buyer plans mixed-use expansion of the property
Renaissance Properties NY sold the Aventura Corporate Center for $140 million to a New York-based investment group that plans to build an addition, The Real Deal has learned.
New York-based Renaissance, led by Kenneth, Bradley and Robert Fishel, sold the three Class A office buildings and garages at 20801, 20803 and 20807 Biscayne Boulevard to Aventura Opportunity Owner LLC. The buyer, a Delaware entity, lists a New York address.
The sale marks one of the largest in Aventura in recent years.
Maria Gomez of Florida Realty of Miami represented the seller, and Liza Hernandez of PMG Residential brought the buyer.
The 8.7-acre property includes land that the buyer plans to develop into a project with office, restaurants and other uses, according to a release. Zyscovich Architects is designing the addition.
The complex, with two five-story buildings and one six-story building, previously sold in 2016 for $105.3 million. It was developed between 1986 and 2007.
Tenants include Morgan Stanley, South Broward Hospital, Regus, Coldwell Banker, Keller Williams and the Miami Realtors Association. It is fully leased.
The property is within walking distance of Integra Investments’ Aventura ParkSquare and neighboring developments, including the AC Hotel by Marriott.
Recent office deals in Aventura include investor Grant Cardone’s $93 million purchase of the Harbour Centre at Aventura office complex.