The Real Deal Miami

Aventura office property hits market asking $14.9M

Tenants at building include Northern Trust Bank, Lifespring Financial
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.