The Real Deal Miami

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

Property sold for $1M less than previous sale in 2015
By Amanda Rabines | July 06, 2018 03:30PM

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.