Arcadia Real Estate Developers has initiated sales and leasing for Vitalis Tower, a seven-story medical and professional office project in Aventura. The property is described as a medical and professional office development and is located at 21291 NE 28th Avenue on a 1.63-acre site a short distance from Aventura Hospital. The launch of sales and leasing marks a key step in bringing new medical and professional space to the Aventura market, with a focus on users that want proximity to the nearby hospital campus.
Vitalis Tower is planned to offer approximately 114,000 square feet of usable medical and professional office space. Suites are being made available starting at roughly 200 square feet, giving smaller practices and professional users an opportunity to secure space in the building. Pricing for these suites begins at $200,000, and the project allows for the combination of individual units to create larger floor plates for users that need more space.
According to the project details, Vitalis Tower can accommodate combined suites of up to 30,000 square feet. This flexibility in suite sizing is designed to serve a range of occupants, from smaller medical practices to larger professional office users that may be seeking contiguous space. The property's location within roughly 100 yards of Aventura Hospital underscores its appeal for medical users that value immediate access to hospital services.
Separately, PGIM's real estate investment group has provided more than $100 million in fixed-rate financing to Continental Realty Corporation. The financing supports two multifamily properties, one located in Tampa, Florida, and the other in Nashville, Tennessee. While specific loan terms and allocations between the two properties were not disclosed, the financing reflects a sizable commitment to stabilized multifamily assets in two distinct Southeastern markets.
The Tampa asset within this financing package is Grand Reserve at Tampa Palms, a 390-unit garden-style multifamily community. The property offers a range of on-site amenities, including a pool, an outdoor kitchen, a fitness center and a dog-washing station. Additional amenities at Grand Reserve include a jacuzzi, a tennis court and a basketball court, positioning the community as an amenity-rich option for renters in the Tampa Palms area.
Together, the launch of sales and leasing at Vitalis Tower and the large fixed-rate financing secured by Continental Realty Corporation illustrate current activity across both the medical office and multifamily sectors. New supply is being brought to market in Aventura, while established multifamily assets in Tampa and Nashville are attracting institutional-scale financing from PGIM's real estate investment group.
