Steelbridge Capital, a value focused real estate investor based in Miami, and a real estate investment fund managed and advised by affiliates of Apollo Global Real Estate Management, L.P., today announced the joint venture, off-market acquisition of Concorde Centre II, a ten-story, 106,500 square foot office building in Aventura.
The purchase price has not been disclosed.
The Class “B” building, which will immediately be renamed Aventura View, is located in the heart of Aventura’s business corridor at 2999 NE 191st Street, directly adjacent to the Aventura Mall, which is one of the top grossing malls in the United States.
“Aventura is a market that rarely sees buildings of this stature trade,” said Jay Caplin, Managing Principal of Steelbridge Capital. “Aventura View is an exceptional property and fits our value-oriented investment strategy perfectly.”
The Aventura office market is one of South Florida’s more stable submarkets due to high supply constraints and consistent demand from medical, financial and legal tenants catering to Aventura and the surrounding communities’ affluent and international demographics.
“We are pleased to acquire another off-market asset in our backyard, particularly given howbullish we are on South Florida,” said Gavin Campbell, Managing Principal of Steelbridge Capital. “This is our second acquisition this year and we have several others in our investment pipeline.”
New ownership plans to actively reposition the property, which is currently 83 percent occupied. Steelbridge Capital will implement a strategic capital improvement plan, expand property marketing and amenities, and introduce institutional quality property management and leasing.
Steelbridge Real Estate Services, a division of Steelbridge Capital, will manage the property.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.