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
Jackie Siegel (Photos via Getty, Courtesy Jackie Siegel)
Versailles mega mansion suffers $10M in Hurricane Ian damages
Versailles mega mansion suffers $10M in Hurricane Ian damages
Lil Wayne and 6480 Allison Road in Miami Beach (Getty Images, Become Legendary/Douglas Elliman Realty)
Lil Wayne lists Miami Beach mansion for $30M
Lil Wayne lists Miami Beach mansion for $30M
Jane Holzer with 980 S Ocean Boulevard (Getty)
Warhol star Baby Jane Holzer’s planned Palm Beach mansion advances
Warhol star Baby Jane Holzer’s planned Palm Beach mansion advances
Regalia at 19575 Collins Avenue Sunny Isles Beach, Armani Residences at 18975 Collins Avenue Sunny Isles Beach, Asia Brickell Key at 900 Brickell Key Blvd, and Muse at 17141 Collins Avenue Sunny Isles Beach (Condo.com)
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Fendi Chateau Ocean Residences at 9349 Collins Avenue Surfside (Google Maps, Getty)
Fendi Château tops Miami-Dade’s weekly condo sales
Fendi Château tops Miami-Dade’s weekly condo sales
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
Turnberry Associates’ Jackie Soffer (Gio Alma, Getty)
Developer Jackie Soffer on SoLé Mia, Miami’s boom & more
Developer Jackie Soffer on SoLé Mia, Miami’s boom & more
arrow_forward_ios

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

Loading...