Aventura Office Property Fetches $105 Million

Bob Dockerty of Dockerty Romer & Co. has arranged the $105,280,000 purchase of, and the $50,000,000 acquisition financing for, a 252,244-square-foot office building known as Aventura Corporate Center located in Aventura.
HFF was the listing sales broker representing the Seller, ACC/GP Development LLC and ACC/GP Investment LLC.
The property, which consists of two, five-story and one, six-story Class “A” office buildings and three parking garages, also has additional development rights.
The property is situated along Biscayne Blvd., the main thoroughfare in Aventura. Some of the major tenants in the property include Morgan Stanley, South Broward Hospital, Regus, and Serendipity Labs.
The acquisition financing was arranged by Prudential Mortgage Capital Company, which provided a 7-year loan term at an extremely competitive rate.
 

Dockerty commented. “This loan was highly competed for by all the major life insurance companies and after a significant search, The Prudential Insurance Company of America won the financing.”

The Buyer, Renaissance Aventura LLC, which is affiliated with the investors Kenneth and Robert Fishel, executed a 1031 exchange out of a Manhattan asset to acquire this office complex. They are a second generation family office owning multi-family and office investments mostly in metro NYC.
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.
 

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