Joint Venture Acquires $51M Aventura Parcel, Plans Both Reno and Replace

A joint venture between Related Group and BH Group have closed on the $51-million acquisition of a 4.5-acre parcel in the Miami, FL submarket of Aventura. The site is home to the 107,000-square-foot Aventura View office building, which the buyers intend renovate and upgrade as well as replace the existing surface parking with a mixed-use project.

“As Miami continues to grow and evolve, it is critical that every possible parcel is used to its maximum potential,” said Jon Paul Pérez, Related president. “Through this deal we are not only adding Class A office supply, but also providing the Aventura community with additional commercial and recreational spaces.”

As currently planned, the mixed-use development will feature new Class A office space, luxury residential housing with top-tier amenities, prime ground-floor retail for entertainment and restaurant users and a structured parking facility.

The developers have selected Arquitectonica for the design and Blanca Commercial Real Estate for leasing and management of the office building.