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dam Neumann's Flow and Israeli real estate firm Canada Global acquired the Aventura Corporate Center for $116.2 million. The three-building office complex, located at 20801-20807 Biscayne Boulevard in Aventura, was purchased from New York-based Stonecutter Capital Management, which had bought it for $140 million just three years prior. Neumann contributed around $36 million to the deal through an equity infusion and investment in Canada Global shares.

    The property consists of 258,000 square feet of offices, 931 parking spaces, and is situated on an 8.7-acre site. Completed in 1986 with an addition built in 2007, it's currently 92% leased, generating $9 million annually in rent. The complex also offers a redevelopment opportunity for two 24-story residential towers with 495 units and commercial space.

    Canada Global holds a 70% stake in the investment, while Flow owns 30%. Neumann's firm will receive a 5% fee for bringing the deal to Canada Global. The purchase price includes assuming an $80 million balance on the Ladder Capital Finance loan from Stonecutter. The deal comes as South Florida's office market faces challenges due to elevated interest rates and lenders' skittishness.

    This acquisition follows other discounted deals in the region, including Starwood Capital Group's sale of a Miramar office portfolio for 45% off its original price and Galium Capital's purchase of Lake Shore Plaza II at half its previous sale price. Neumann's Flow has been expanding its presence in South Florida, launching condo sales for the 40-story Flow House at Miami Worldcenter and owning the adjacent Caoba apartment tower.