Renaissance Properties sold the Aventura Corporate Center for $140 million to a New York-based investment group that plans to build an addition.
New York-based Renaissance sold the three Class A office buildings and garages at 20801, 20803 and 20807 Biscayne Boulevard to Aventura Opportunity Owner LLC. The buyer, a Delaware entity, lists a New York address.
The buildings total 252,244 square feet.
Maria Gomez of Florida Realty of Miami represented the seller, and Liza Hernandez of PMG Residential brought the buyer.
The 8.7-acre property includes land that the buyer plans to develop into a project with office, restaurants and other uses, according to a release. Zyscovich Architects is designing the addition.
In 2016, Renaissance Aventura LLC, which is affiliated with investors Kenneth and Robert Fishel, executed a 1031 exchange out of a Manhattan asset to acquire the office complex, which includes two five-story buildings and one six-story building, for $105.3 million. It was developed between 1986 and 2007.
Tenants include Morgan Stanley, South Broward Hospital, Regus, Coldwell Banker, Keller Williams and the Miami Realtors Association. It is fully leased.
Source: The Real Deal