MG3 Group is working on plans for an office building in Aventura after purchasing vacant land from a local Jewish organization for $10 million.
The nonprofit Jewish Outreach Center, an affiliate of Chabad of Aventura, sold the 1.05-acre site at 21001 Biscayne Blvd. to MG3 210 Office LLC, an affiliate of Aventura-based MG3. The deal included $6 million in seller financing. Property data firm Vizzda confirmed the size of the site.
The Chabad building is located to the east of the vacant site, which previously had a synagogue before the Chabad demolished it and constructed a new facility next door.
An official from MG3 said the company plans to build a 10-story, 90,000-square-foot office building with additional ground-floor restaurant space. Chabad of Aventura would have the right to use a portion of the building’s parking garage.
A different developer once had the site under contract for an office building, but it didn’t close on the site.
MG3 noted the site is near the Aventura Parksquare mixed-use project, where it owns the retail space. It’s also across from Aventura Hospital.
“We are very pleased to add this parcel and project to our development pipeline,” an MG3 spokesman said. “The property fits perfectly into our long-term strategy of acquiring and developing choice assets with staying power.”
MG3 Group is led by Marcelo Saiegh, Gustavo Bogomolni and Hernan Leonoff. The company has developed and invested in a variety of commercial real estate types, including industrial, retail, office and charter schools.
According to the fourth quarter report from Colliers, the Class A office market in Aventura had a 6.6% vacancy rate and an average asking rent of $58.39 a square foot. There were 217,650 square feet of Class A office space under construction in Aventura, with 1.5 million total square feet of Class A space in the market.