Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the firm has been appointed as exclusive advisor for the sale of the Aventura Business Park, a three-building, 204,819-square-foot small-bay industrial park in Miami. The price is open bid.
“Aventura Business Park is the highest-quality small-bay industrial project in the Aventura submarket, one of South Florida’s fastest-growing and more prestigious residential and commercial communities,” says Douglas K. Mandel, senior managing director. “With no new small-bay construction either planned or under construction and land values rapidly rising, the Aventura submarket is poised to experience significant rental growth for several years.”
Mandel and Benjamin Silver, director, are representing the seller, a real estate and development firm based in San Francisco.
“Aventura Business Park has been institutionally operated and maintained to the highest standards,” continues Mandel. “The property will provide new ownership with steady cash flow and the opportunity for significant rent growth as below-market rental rates are adjusted to market levels.”
Aventura Business Park is located on Northeast 16th Avenue with immediate proximity to Interstate 95 at Ives Dairy Road, less than four miles from the Golden Glades Interchange.Aventura Mall and Gulfstream Park are two minutes away and Florida’s Turnpike, Fort Lauderdale International Airport, Port Everglades, Miami International Airport and the Port of Miami are all close by.
Built in 1989 and renovated in 2016, the nearly 10-acre park is designed to accommodate 91 units ranging in size from approximately 1,309 square feet to 8,000 square feet.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.