Reality TV’s the TurnAround King just paid $13.5 million for an office building in Aventura.
Property records show Grant Cardone, who produces and stars in his TV show, paid about $540 per foot for the Northern Trust Bank building at 18901 Northeast 29th Avenue.
Guarapo Aventura LLC, led by real estate investor Matthew Lvoff, sold the 25,000-square-foot building to Cardone’s 10X HQ LLC. The buyer financed the deal with a $13.5 million mortgage from City National Bank.
The 1.5-acre property, near the Intracoastal Waterway, last sold in 2015 for $14.5 million, which means it just traded at a loss of $1 million.
Cardone’s real estate company, Cardone Acquisitions, invests in multifamily properties in California, Arizona, Texas, North Carolina, Georgia and Florida. The firm has been a tenant in the Aventura building since February 2017, and is expanding, according to a spokesperson.
Northern Trust has anchored the building since it was developed in 2003. The bank has a lease expiring in 2018, with two five-year renewal options, according to online marketing materials.
Nearby, a number developments are underway including the $4 billion megaproject SoLe Mia.