Aventura Office Building Trades For $611 PSF

Marcus & Millichap announced the sale of the Northern Trust Bank Building, a 23,746-square-foot office building located in Aventura.
The asset sold for $14,500,000 or $611 per square foot.
Alex D. Zylberglait, first vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Aventura, and the buyer, a Coconut Grove, Fla.-based limited liability company.
 

“This was an excellent opportunity for an investor to control a best-in-class asset in a high-barrier-to-entry market,” says Zylberglait. “The location services one of Dade County’s most affluent areas and the submarket has limited new office product inventory. The demand for office space will likely increase for years to come.”

Located at 18901 NE 29th Ave., the property is a few blocks from the Aventura Mall and the Village of Gulfstream Park. The building’s tenants include Northern Trust Bank, which occupies the majority of the building, and Lifespring Financial. All tenants are on triple-net leases.

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