MARCUS & MILLICHAP ARRANGES THE SALE OF NORTHERN TRUST BANK BUILDING IN AVENTURA, FLA FOR $14.5 MILLION
AVENTURA, FLA, June 3, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the Northern Trust Bank Building, a 23,746-square foot office building located in Aventura, Fla. The asset sold for $14,500,000 or $611 per square foot.
Alex D. Zylberglait, a first vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Aventura, Fla, and the buyer, a limited liability company from Coconut Grove, Fla.
“This was an excellent opportunity for an investor to control a best-in-class asset in a high barrier to entry market,” says Zylberglait. “This location services one of Dade County’s most affluent demographics and the submarket has limited new office product inventory. Thus, the demand for office space will likely increase for years to come.”
Located at 18901 NE 29th Ave in the heart of the City of Aventura, the property is just a few blocks from the Aventura Mall and the Village of Gulfstream Park. The building’s tenants include: Northern Trust Bank, who occupies the majority of the building, as well as other professional tenants such as Lifespring Financial. All tenants are on triple net leases.