Related Group and BH Group paid $51 million for an Aventura office tower, and they’re working on plans to build more on the site.
Cofe Cix Aventura LLC, an affiliate of Miami-based Cofe Properties, sold the 107,000-square-foot Aventura View building, at 2999 N.E. 191st St. Miami-based Ocean Bank provided a $35 million loan to the buyer. The price equated to $477 a square foot, but the site has additional value as a development opportunity.
The 10-story building last traded for $38 million in 2015. It was built on the 4-acre site in 1988 and located just south of Aventura Mall.
Meanwhile, Related Group and BH Group hired Miami-based architecture firm Arquitectonica to design a mixed-use project that would rise on the site’s parking lot. While the details have yet to be finalized, the new building would include Class A office space, luxury residential units, ground-floor retail and restaurant space, high-end amenities and a parking garage.
The Development Site property located in Hallandale Beach that spans 64,777 square feet sold for $26,000,000 or $401 PPSF. Waiting on the new plans to be announced.