RELATED GROUP, BH GROUP ACQUIRE FOUR-AND-A-HALF-ACRE PARCEL IN THE CITY OF AVENTURA FOR $51 MILLION

Partners to renovate existing Aventura View office building and commence development of world-class mixed-use town center

MIAMI, July 28, 2022 /PRNewswire/ -- A joint venture between real estate leaders Related Group and BH Group have closed on the $51 million dollar acquisition of a four-and-a-half-acre parcel in the heart of the City of Aventura. Located at 2999 NE 191 Street, the site is home to the 107,000 square foot Aventura View office building, which is currently over 95% leased. As part of its plans, the buyers will renovate and upgrade the current office building as well as replace the existing surface parking with a major mixed-use project. Tere Blanca of Blanca Commercial Real Estate has been selected to handle the leasing and management of the office building.

"As Miami continues to grow and evolve, it is critical that every possible parcel is used to its maximum potential. Through this deal, we are not only adding class-A office supply, but also providing the Aventura community with additional commercial and recreational spaces," said Jon Paul Pérez, Related President. "We are big believers in the potential of the Aventura submarket and look forward to working once again with city officials to deliver a world-class project."

As currently planned, the mixed-use development will feature new class-A office space, luxury residential housing with top-tier amenities, prime ground-floor retail for entertainment and restaurant users, and a structured parking facility. The developers have selected Bernardo Fort-Brescia of the renowned architectural firm Arquitectonica to lead the design.

This is the latest in a series of high-profile acquisitions for the Related and BH joint venture, closely following other recent deals in West Palm Beach, Fisher Island, Downtown Miami, and North Miami. The two powerhouse firms continue to aggressively pursue additional development opportunities throughout South Florida.

For more information, please visit relatedgroup.com or bhgroup.miami.

Established in 1979, Related Group is Florida's leading developer of sophisticated metropolitan living and one of the country's largest real estate conglomerates. Since its inception more than 40 years ago, the company has built, rehabilitated, and managed over 100,000 condominium, rental, and commercial units. The firm is one of the largest privately owned businesses in the United States with a development portfolio worth more than $40 billion. Currently, Related Group has 90+ projects in varying phases of development.

The company has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers, and affordable properties ? all built with the goal of positively impacting neighborhoods and improving quality of life across all demographics. Related Group has redefined real estate by diversifying both its products and buyers, expanding internationally while also sponsoring public art installations that enhance cities' global culture and streetscapes. For more information, please visit relatedgroup.com. 

BH Group is a Miami-based real estate development firm focused on the ground-up development of luxury projects throughout South Florida. BH has extensive experience in the acquisition, construction, design, capital structuring and asset management of complex developments. For the last 20 years, BH Group has been involved in many large-scale real estate transactions and developments by utilizing strong relationships to provide investors with opportunities not otherwise available in the real estate market. For more information, please visit bhgroup.miami

CONTACT: Lennie Gomez, [email protected]

SOURCE The Related Group