A joint venture between Related Group and BH Group has closed on the $51 million dollar acquisition of a 4.5-acre parcel in the heart of Aventura, Florida. Located at 2999 NE 191 St. the site is home to the 107,000-square-foot Aventura View office building, which is currently over 95% leased. As part of its plans, the buyers will renovate and upgrade the current office building as well as replace the existing surface parking with a major mixed-use project. Tere Blanca of Blanca Commercial Real Estate has been selected to handle the leasing and management of the office building.
“As Miami continues to grow and evolve, it is critical that every possible parcel is used to its maximum potential. Through this deal, we are not only adding Class-A office supply, but also providing the Aventura community with additional commercial and recreational spaces,” said Jon Paul Pérez, Related president. “We are big believers in the potential of the Aventura submarket and look forward to working once again with city officials to deliver a world-class project.”
As currently planned, the mixed-use development will feature new class-A office space, luxury residential housing with top-tier amenities, prime ground-floor retail for entertainment and restaurant users, and a structured parking facility. The developers have selected Bernardo Fort-Brescia of architectural firm Arquitectonica to lead the design.
This is the latest in a series of high-profile acquisitions for the Related and BH joint venture, closely following other recent deals in West Palm Beach, Fisher Island, Downtown Miami and North Miami. The two firms continue to aggressively pursue additional development opportunities throughout South Florida.
