CBRE To Sell Aventura Development Site With Plans For 11-Story Office Project

Feb 28, 2019 No Comments by

CBRE has been appointed as exclusive agent to sell a shovel-ready development project known as 212 Aventura.

Located at 21291 Northeast 28 Avenue in Aventura, the 1.63-acre site sits just 500 yards north of Aventura hospital on the west side of Biscayne Blvd.

CBRE’s Peter Messina, CCIM and Carol Ellis-Cutler are spearheading sales efforts at the property on behalf of developer, Aventura Medical Center, LLC.

 

“The 212 Aventura project is in Aventura’s Medical Office zoning district, an extremely desirable market with high barrier to entry,” said Peter Messina. “Office rents are among the highest in the Miami metro, making this an exciting investment opportunity.”

The site plan is approved and permits are in place for 142,114 sq. ft. of office space designed to meet LEED Gold certification.

The Aventura Submarket, an exclusive neighborhood with one of the highest median household incomes in the metro area, is one of the smallest office submarkets in Miami, covering fewer than eight square miles. The largest office node is along Biscayne Boulevard near the Aventura Hospital and Medical Center.

 

“Adding to the attraction of this project is the fact that the site is located within the Aventura Opportunity Zone”, said Carol Ellis-Cutler. “These zones are ideal vehicles for investors who want to place Capital Gains in a project that allows for deferral or reduction of federal taxes.”

Miami-Dade County’s strong economy is creating favorable conditions for the local office market.

Fundamentals remain strong with CBD Class A vacancy rates at historic lows and rents having increased by 25% over the last five years. Potential alternative uses for this site include Residential, Age-Specific Multi-Family, ALFs, Hotel, Mixed-Use or a Medical Tourism project.

 

 

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