Commercial property

Related, BH Group Plan Miami Mixed Use Project

Skyline view of Aventura, Florida. Image courtesy of Related Group

In a transaction valued at $51 million, a joint venture of Associated group and BH Group acquired a 4.5 acre parcel at 2999 NE 191st St. in Aventura, Florida in Metro Miami.

Part of the site is occupied by the 107,000 square foot Aventura View office building, which is currently over 95% leased. The buyers plan to modernize this building and replace the existing surface parking lot with a mixed-use project.

Under current plans, the mixed-use development will include new Class A offices, luxury residential accommodation with high-end amenities, ground floor retail for entertainment and dining users and a parking structure.

Bernardo Fort-Brescia of the architectural firm Architecture will direct the design.

A related spokesperson said commercial real estate director that the acquisition was financed by a $35 million loan from ocean bank but indicated that no further information is being disclosed about the project at this time.

READ ALSO: Miami office leasing slows in Q2

Tere Blanca from Blanca Commercial Real Estate has been retained to lease and manage the office building.

In a prepared statement, Jon Paul Pérez, president of Related, said that as Miami continues to grow and evolve, it’s critical that every possible package is used to its fullest potential and that the company believes in the potential of the Aventura submarket.

Another joint venture project in Florida

Last November, Related Group, BH Group and Globe Invest Ltd. have formed a joint venture to join Michael Masanoff in the $500 million mixed-use Transit Village project in West Palm Beach, Florida. The 1.5 million square foot development will include approximately 300,000 square feet of office space and will be directly connected to public transportation by rail and bus. Avison Young helped organize the joint venture.

According to a report from the second quarter of Cushman and Wakefield. As in many other markets, tenants have turned to high-amenity Class A spaces, even when other options might be more affordable.

The northeast submarket has an overall vacancy rate of 7.1% on nearly 1.6 million square feet of inventory, with no additional space currently underway, Cushman & Wakefield reported.