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43,600-SF Office Building Sale Tops $8M

AVENTURA, FL-The new owner, Advenir Inc., plans to convert the class A office space into office condominiums ranging from 1,000 sf to 10,000 sf. KA Adventura LC sold the property for about $194.95 per sf.

By Melissa Bogdany | Updated on August 31, 2004

AVENTURA, FL-Advenir Inc. has purchased Aventura Bayview, a 43,600-sf, class A office property here for $8.5 million. Advenir plans to convert the property into office condominiums.The seller of the property, located at 17501 Biscayne Blvd., was South Carolina-based KA Adventura LC. The price represents approximately $194.95 per sf.Aventura Bayview’s floor plates range in size from 1,000 sf to 10,000 sf, aimed at small and mid-sized companies. The owners expect demand from local companies and national and international investors. “Our strategy is to create in Aventura the opportunity for businesses to own their office space,” Stephen Vecchitto, founder of Advenir, says in a statement. “The economic advantages of owning versus leasing are tremendous, and our research pointed toward a strong demand for such an offering.” In addition, owning “provides investors the opportunity to become commercial landlords, to create positive cash flow and to own a building within a building,” he says.Advenir, founded in 1996, provides multifamily real estate investment and management services. The company owns and manages properties valued at more than $130 million, all in Florida.

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