Reality TV producer and real estate investor buys Aventura office building for $13.5M

Property sold for $1M less than previous sale in 2015

Miami /
Jul.July 06, 2018 03:30 PM

18901 Northeast 29th Avenue and Grant Cardone (Credit: cardoneacquisitions.com)

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.


Related Articles

arrow_forward_ios
Daisy Chaplin and Charles Prince with the property at 6000 North Bay Road (Getty, Google Maps)
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Happiness begins in Miami: Joe Jonas, Sophie Turner buy Bay Point mansion
Happiness begins in Miami: Joe Jonas, Sophie Turner buy Bay Point mansion
Happiness begins in Miami: Joe Jonas, Sophie Turner buy Bay Point mansion
Scottie Pippen and the Fort Lauderdale house (Getty, Compass)
Slam dunk: Scottie Pippen sells waterfront Fort Lauderdale mansion for nearly $11M
Slam dunk: Scottie Pippen sells waterfront Fort Lauderdale mansion for nearly $11M
Ex-Miami Dolphins defensive end Andre Branch with the $6 million property (Getty, The Jills Zeder Group)
Ex-Miami Dolphins player sells non-waterfront Miami Beach home for $6M
Ex-Miami Dolphins player sells non-waterfront Miami Beach home for $6M
Nicky Jame and One Thousand Museum (Getty, One Thousand Museum)
Reggaeton artist Nicky Jam picks up downtown Miami condo
Reggaeton artist Nicky Jam picks up downtown Miami condo
Brian Vickers with the Continuum South tower (Continuum on South Beach)
Retired Nascar driver Brian Vickers buys Miami Beach condo for $6M
Retired Nascar driver Brian Vickers buys Miami Beach condo for $6M
Jimmy Butler, Reshma Sohoni and 8975 SW 63 Court (Getty, Google Maps)
Swish! Miami Heat’s Jimmy Butler sells Pinecrest mansion for $7M
Swish! Miami Heat’s Jimmy Butler sells Pinecrest mansion for $7M
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...