The Real Deal Miami

Aventura office property hits market asking $14.9M

Tenants at building include Northern Trust Bank, Lifespring Financial
By Francisco Alvarado | May 21, 2014 12:45PM

18901 Northeast 29th Avenue

18901 Northeast 29th Avenue

The Northern Trust Bank building near the Intracoastal Waterway in Aventura hit the market with an asking price of $14.9 million, The Real Deal has learned.

Located at 18901 Northeast 29th Avenue, the 23,746-square-foot office building’s other tenants include Lifespring Financial and Watermark Realty.

The seller, Gampel Aventura Properties, paid $2.5 million for the land in 2001 and constructed the building two years later. Gampel is represented by Alex Zylberglait, first vice president of investments at Marcus & Millichap.

“This is a unique situation because not too many office assets go on the market in Aventura,” Zylberglait told TRD. “It is a very exclusive opportunity.”

The sellers believe it is a good time to access their equity, Zylberglait said. The vacancy rate is at 3 percent and the building provides a 7 percent return, according to a Marcus & Millichap investment overview.