An affiliate of Cardone Capital acquired an 11-story office building in Aventura for $91 million with help from crowdfunding.
Aventura Harbour Borrower LLC, managed by Rob B. Shults in Irving, Texas, sold the 528,954-square-foot Aventura Harbour Centre at 18851 N.E. 29th Ave.
The buyer was 10X Centre LLC, managed by Grant Cardone of Aventura-based Cardone Capital. The building has about 217,056 square feet of leasable space, plus the parking garage. Miami-based City National Bank of Florida provided a $73 million mortgage to the buyer. The difference between the mortgage and the purchase price was crowdfunded.
CBRE’s Christian Lee, José Lobón, Amy Julian, and Tom Rappa, along with Jonathan Kingsley of Colliers listed the building. Cardone worked with Square2 Capital and Highline Real Estate Capital on the purchase.
According to CBRE, the building is 85% leased. Tenants include UBS and First Horizon Bank.
“Harbour Centre’s prominent location in Aventura addresses all the considerations of a modern office user, including walk-to-retail, proximity to high-quality residential options, and connectivity to major transportation,” Lobón said.
Aventura Harbour Centre last traded in 2014, when it was purchased out of bankruptcy court for $16 million in cash and the assumption of $45 million in debt.
Cardone hired Miami-based Square2 Management to manage the office building. Aventura Harbour Centre was built on the 3.85-acre site not far from the Aventura Mall in 2003.
Cardone Capital is based in the building next door. Cardone is known as the author of the 10X series of business books, as well as a motivational speaker and social media influencer. With a network of more than 5,000 investors, Cardone Capital has raised over $530 million through crowdfunding and $425 million in equity. It has turned that into more than 70 real estate transactions for over $2.2 billion.
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