Wednesday, May 14, 2014

Aventura, FL Properties Sell for $19.3 Million


Medical office building, Aventura, FL

Alex Zylberglait
AVENTURA, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of approximately three acres of improved commercial property in Aventura, Fla.

The properties are 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 approximately 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 Inc., represented the seller, Tanglewood 2925 LLC, which is managed by Tanglewood Management LLC and whose principals are Josh Dubin and Karen Reiter.

Marco Lala and Steven Siegel in Marcus & Millichap’s Manhattan office represented the buyer, a New York-based private investor whom Siegel and Lala represented in a 1031 exchange.

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 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 Siegel.

            The medical office building is located at 2925 Aventura Blvd. in Aventura, Fla. 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 adjacent to the office building at 2929 Aventura Blvd. and the land for development is on the west side of the office building at 2925 Aventura Blvd. 

Aventura is an affluent suburban market in northeastern Miami-Dade County one mile from the coast and between Fort Lauderdale and Miami.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716


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