Office Tower Sale Marks Largest Transaction In Aventura For 2015
Steelbridge Capital announced the sale of Aventura View, a ten-story, 107,304 square foot class A office building located at 2999 NE 191st Street in Aventura, to COFE Properties.
The transaction marks the largest office sale in Aventura in 2015 and nearly doubles the price the Steelbridge team paid in December 2012.
Coinciding with the strengthening of market fundamentals over the past three years, Steelbridge repositioned and rebranded the building as it devised and executed a comprehensive capital improvement program at Aventura View that included reconfiguring and renovating the ground floor lobby, restrooms, common areas, many of the building’s core systems, as well as acquiring adjacent vacant land to enhance parking ratios and ingress/egress. This resulted in a 40 percent increase in rental rates and an uptick in occupancy from 75 percent to 91 percent through the execution of more than 90,000 square feet of leasing led by Doug Okun, Vice President, and Stephen Hurwitz, Principal, both with CREC, and a significant increase in sale price.
One of the most stable markets in South Florida due to high supply constraints and consistent demand from the surrounding affluent communities and international demographics, the Aventura submarket currently has four percent direct vacancy. With so little space available and the upgraded quality of Aventura View, COFE Properties is well positioned to take advantage of an increasing rental rate environment while maintaining strong occupancy at the property.
“Aventura is not a market that sees buildings of this stature trade often. In fact, our purchase of the asset for $20.2 million in 2012 represents the first time this property ever sold,” said Jay Caplin, Managing Principal, Steelbridge Capital. “Our ability to originally identify this off-market investment opportunity speaks to the breadth of relationships we have developed throughout the years, and through the hard work of our team led by Managing Principal, Michael Manno and Senior Property Manager, Yochy Cano, Aventura View has evolved into an exceptional property.”
Located in the heart of Aventura’s business corridor directly adjacent to the Aventura Mall, which is one of the top grossing malls in the United States, Aventura View boasts ease of access from both the William Lehman Causeway and Biscayne Boulevard, two of the main thoroughfares within minutes of I-95.
The Miami-based CBRE team representing the seller included Christian Lee, Vice Chairman, José Lobón, Vice President, and Amy Julien, Vice President with CBRE Capital Markets, Institutional Properties; and Charles Foschini, Vice Chairman, and Chris Apone, First Vice President, with CBRE Debt & Structured Finance.
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. Just follow the instructions below.
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.
CLICK HERE TO SUBSCRIBE TODAY!
And we promise…no more than one email each morning.
Leave a ReplyWant to join the discussion?
Feel free to contribute!