AVENTURA, FL—You don't see too many trades in the affluent city of Aventura—and even if you did this one would be noteworthy by virtue of its exact location. A portfolio of Aventura commercial real estate across from the Aventura Mall just traded hands.

Specifically, about three acres of improved commercial property sold: a 32,932-square-foot medical office building; a one-acre ground lease on which a new 5,200-square-foot Wells Fargo bank has been constructed; and about one acre of additional developable land. The sales price is $19.3 million.

Alex Zylberglait, a first vice president investments in Marcus & Millichap's Miami office, along with Karen Reiter and Michael Matluck of the prominent South Florida firm ICS Realty, represented the seller, Tanglewood 2925 LLC. The selling entity is managed by Tanglewood Management, with principals Josh Dubin and Karen Reiter.

“The portfolio is a premium asset in a prime location directly across from the Aventura Mall,” says Zylberglait. “The office building is a stable asset with strong medical tenant base.”

The medical office building is located at 2925 Aventura Boulevard in Aventura, near the Aventura Hospital and next to the Mt. Sinai Medical Center and the 2,700,000-square-foot Aventura Mall. The Wells Fargo bank is next to the office building at 2929 Aventura Boulevard. The land for development is on the west side of the office building at 2925 Aventura Boulevard.

“The acquisition puts the new owner in an excellent position to generate a stable return from both the medical office building and the bank's long-term ground lease and to create more rentable space at premium market rents on the development site,” says Seven Siegel in Marcus & Millichap's Manhattan office. He and Marco Lala represented the buyer, a New York-based private investor in a 1031 exchange.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.