Dealmaker: Dockerty Romer Arranges $50M Florida Financing

Dockerty Romer & Co., Delray Beach, Fla., arranged $50 million in acquisition financing for Aventura Corporate Center, a 252,000-square-foot office property in Aventura, Fla.

Dockerty Romer Principal Bob Dockerty represented Renaissance Properties, New York, when it purchased the property from seller Groupe Pacific, Montreal, Quebec for $105.28 million.

The property consists of two five-story and one six-story Class A office buildings and three parking garages. Major tenants include Morgan Stanley, South Broward Hospital, Regus and Serendipity Labs. Prudential Mortgage Capital Co., Newark, N.J., provided the seven-year loan.

“This loan was highly competed for by all the major life insurance companies and after a significant search, The Prudential Insurance Company of America won the financing,” Dockerty said.

Dockerty said Renaissance–affiliated with investors Kenneth and Robert Fishel–executed a 1031 like-kind exchange from a Manhattan asset to acquire this office complex. “They are a second-generation family office owning multifamily and office investments mostly in metro New York,” he said, noting that the site includes additional development rights.

Holliday Fenoglio Fowler marketed the property for Groupe Pacific. HFF executive managing director Manny de Zárraga led the investment sales team with Director Ike Ojala, Senior Managing Director Hermen Rodriguez and Associate Director Jorge Portela.

“Aventura Corporate Center represents the largest concentration of office product in Aventura, and was an opportunity for the new owner to acquire a core office park with significant additional development upside in one of Miami’s most coveted areas,” de Zárraga said.