Related Group JV to renovate office building into mixed-use town center in Miami

A joint venture between real estate leaders Related Group and BH Group have closed on the $51 million acquisition of a 4.5-acre parcel in the heart of the Aventura, Fla., a planned, suburban city in northeastern Miami-Dade County.

Located at 2999 NE 191 St., the site is home to the 107,000-square-foot Aventura View office building, which is now more than 95-percent leased. As part of its plans, the buyers will renovate and upgrade the office building as well as replace the existing surface parking with a major mixed-use project.

“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