Cushman & Wakefield arranged the sale of Aventura Plaza, a premier grocery-anchored neighborhood shopping center located along Biscayne Boulevard in the heart of Aventura.
Aventura Plaza totals 89,883 square feet and is comprised of 66,329 square feet of retail space plus a two-story office building that is 23,554 square feet. The overall property was 92% leased at time of sale with the remaining vacant space located in the office building. Anchors at the center include the recently opened boutique grocer, Plum Market, and Ace Hardware.
Mark Gilbert, Adam Feinstein, and Mitchell Halpern of Cushman & Wakefield proudly represented the seller, Aventura Plaza Partners, which has owned and operated the property for several decades. The buyer is an entity related to New York-based Elysee Investments.
“Aventura is one of South Florida’s most sought-after trade areas for retail ownership given its excellent demographics and strong leasing fundamentals. Major retail shopping center sales in Aventura are extremely rare and, as expected, the offering generated incredible interest,” said Gilbert, Vice Chair and Retail Capital Markets Leader for the Americas for Cushman & Wakefield.
“The seller positioned the property for sale by replacing Office Depot with a high-end Plum Market specialty grocer. The buyer is a long-term holder that already owns in Aventura and will look to further enhance the center’s tenancy over time,” he added.
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