$105.28 million sale of Aventura Corporate Center in Miami closed by HFF
MIAMI, FL – May 10, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Aventura Corporate Center, a three-building, core office park with 252,244 square feet of Class A office space in Aventura, Florida, an affluent northeastern suburb of Miami.
HFF marketed the property on behalf of the seller, Groupe Pacific. Renaissance Properties purchased the park for $105.28 million.
Aventura Corporate Center consists of 20801, 20803 and 20807 Biscayne Boulevard, plus three parking garages and significant additional development rights. The campus-like setting offers tenants an on-site café and the Coconut Grove Bank featuring a drive-through teller. Major tenants include Morgan Stanley, South Broward Hospital, Regus, Serendipity Labs and Corpac Steel. Aventura Corporate Center is located at the intersection of Biscayne Boulevard and NE 207th Avenue across from the world-class Aventura Hospital and Medical Center. This location is the midpoint of a one-mile stretch filled with more than 400 retailers at landmarks including Aventura Mall, Promenade Shops at Aventura, Aventura Commons and The Village at Gulfstream Park. The AC Hotel by Marriott and the ParkSquare Aventura developments underway on-site and adjacent to the park, will create a walkable “Town Center” atmosphere when complete.
The HFF investment sales team representing the seller was led by executive managing director Manny de Zárraga, director Ike Ojala, senior managing director Hermen Rodriguez and associate director Jorge Portela. The buyer was represented by Bob Dockerty of Dockerty Romer & Co.
“Aventura Corporate Center represents the largest concentration of office product in Aventura, and was a truly generational opportunity for the new owner to acquire a core office park with significant additional development upside in one of Miami’s most coveted areas,” said de Zárraga.
About Groupe Pacific
As one of North America’s most experienced real estate organizations, Groupe Pacific consistently delivers high-quality residential and commercial products that reflect the company’s vision, core values and financial resources. Under the visionary leadership of founder Charles Bedzow and Michael Bedzow, president & CEO, Groupe Pacific has grown steadily since its founding in 1953. Today, the privately held international company can boast success in excess of $1 billion of real estate throughout the United States and Canada.
About Renaissance Properties
Renaissance Properties is a privately held Manhattan-based real estate development company with a long tradition of owning and restoring some of New York’s most historically important buildings.
About Dockerty Romer & Co.
Dockerty Romer & Co. based in Delray Beach, Florida, is a full service commercial mortgage banking and real estate brokerage company specializing in the capitalization of income producing properties. Dockerty Romer & Co. has closed nearly $6 Billion of real estate transactions since its inception in January 2000.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.