Sales  ·  Retail

Elysee Investment Pays $48M for Aventura Retail Plaza

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Elysee Investment Company bought a strip mall in Aventura, Fla., for $48 million, property records show.

Called Aventura Plaza, the property sits on 6.7 acres at 17985 Biscayne Boulevard and features 89,883 square feet of leasable space. The majority of the square footage, 66,329 square feet, functions as retail space and the remaining 23,554 square feet as office space within a separate, two-story office building. 

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The retail portion, anchored by upscale grocery store Plum Market and hardware store Ace Hardware, is 92 percent leased, according to Cushman & Wakefield. C&W’s Mark Gilbert, Adam Feinstein and Mitchell Halpern represented the seller, an entity tied to the Klompus family.

To close the sale, the seller provided $26.4 million as an acquisition loan, which is scheduled to mature in five years. 

The purchase marks another major retail deal for Elysee Investment Company, led by Haim Yehezkel and Avi Dishi.

Last month, the Miami-based investor purchased a 85 percent stake in the Time Century Jewelry Center, a five-story retail building in Downtown Miami, pre-empting a foreclosure sale. The deal valued the property at $27.5 million.

Julia Echikson can be reached at jechikson@commercialobserver.com