Triarch Capital Group pays $8.3M for Venture Shops in Aventura
Fully leased retail strip is on the ground floor of 500-unit Venture Residences
September 30, 2016 03:00PMBy Ina Cordle
Venture Shops and Roberto Susi
Triarch Capital Group just bought the Venture Shops in Aventura from Prudential for $8.3 million, The Real Deal has learned.
The Venture Shops, a 17,683-square foot retail strip at 18800 Northeast 29th Avenue, is on the ground floor of the 500-unit Venture Residences. The shops are fully leased to nine tenants, including restaurants Fuji Hana and Mr. Chef’s, EnVogue Salon & Spa, and Let’s Get Beauty skincare treatment center.
Axiom Capital Advisors, LLC represented the buyer, 145 Biscayne, LTD, Robert Susi, principal of Axiom Capital Advisors, told The Real Deal.
Public records show the entity is linked to Aventura-based Triarch Capital Group, LLC, whose principals include Mario Grosfeld and Jorge Linkewer. Triarch Capital Group currently controls about 4.5 million square feet of commercial properties, with a focus on retail and grocery anchored shopping centers, according to its website.
“Having a product type such as this that has lower rents than the typical market rents of Aventura, that are reaching $60 per square foot to $100 per square, allows the landlord to have great flexibility,” Susi told TRD.
Prudential was represented by Steve Miskew of RJS Realty Group.
Built in 2005, the Venture Shops are adjacent to the recently renovated 190,000-square-foot Town Center Aventura, and less than one-quarter mile south of Aventura Mall, according to marketing materials.
Asking rents on existing leases range from $28.50 per square foot to $35 per square foot, with total rents at $39.50 per square foot to $46 per square foot, the marketing materials show.
Aventura, an affluent community in northern Miami-Dade County, was originally developed by Turnberry Associates’ Donald Soffer. New projects in the works include Aventura ParkSquare, an 8.5-acre, mixed-use project that is being developed by Integra Investments, and VIDA at the Point, a planned waterfront condominium project developed by Decorus Realty. Also, Aventura Shopping Center, owned by Regency Centers and anchored by Publix, is being demolished and redeveloped.
Source: The Real Deal