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Week of September 9, 2004 |
New owner plans office condos for Aventura building By Marilyn BowdenAventura Bayview, a 43,600-square-foot Class A office building, has been sold to an investor who plans to market it as office-condo space. Advenir Inc. paid $8.5 million for the six-story property, developed on spec by KA Aventura LC. No tenant was ever announced. Advenir, based in Plantation, owns and manages a real estate portfolio valued at more than $130 million. All of its current assets are in Florida. "We sought out this particular investment," said Advenir founder Stephen Vecchitto, "based solely on market demand to own. To our minds, it's a premier building. The offering has had tremendous demand already. "Business owners are seeing the advantages of owning real estate in Aventura over the next 10 years." The building, 17501 Biscayne Blvd., is next to PF Chang's, Morton's Steakhouse and Houston's. "The campus-like setting with restaurants next door and the bayfront walkway that goes around the back of the building was the other factor that attracted us," Mr. Vecchitto said. "It feels like there is nobody else around you." He said Advenir will offer space ranging from 1,000 to 10,000 square feet or a full floor at prices ranging from $300 to $350 a square foot, depending on the floor and views. The four office floors sit atop two stories of parking, available to owners at two spaces per 1,000 square feet. Because it has not been built out by previous tenants, the conversion to office condos will be swift, Mr. Vecchitto said. He said he expects owners to move in by Dec. 1. "The fact that it is new construction was part of the attraction," he said. "It's state-of-the-art with an open floor plan. Location and timing were everything on this investment." Aventura is a good location for office condos, said Edgar Jones, senior director of Florida operations for the Rockefeller Group and a veteran in the South Florida office market. "There is today the view that there's a fair amount of profit involved in doing an office-condo space," he said. "In a market like Aventura, office condos would probably work well. Tenants in that marketplace tend not to be Fortune 500 companies. They're more entrepreneurial and would love to own their own office. "With interest rates being low, they can go in and feel like they've got something with long-term value rather than just continuing to pay rent." |
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