Grant Cardone Lands Class A Office Tower in Aventura, Florida
Posted by Grant Cardone
Real estate investment firm, Cardone Capital LLC, announces their acquisition of Harbour Centre, a 219,000 square foot Class-A office tower located in Aventura, Florida. This acquisition is part of the firm’s strategy to provide investors with the opportunity to participate in institutional-grade real estate deals in high-growth markets.
The 11-story office tower, which has been renamed “10X Centre”, is situated in one of South Florida’s most exclusive and densely populated office markets. With over 5,000 businesses and more than 35,000 employees, Aventura caters to the wealthy and international elite that reside in the communities of Aventura, Sunny Isles and Golden Beach. The Aventura office market is also one of the few markets in Miami Dade County that experienced positive net absorption in 2020.
Grant Cardone, CEO of Cardone Capital, said “The limited supply of office space in this market makes this an outstanding investment. Companies are continuing to choose this market due to its centralized location and abundance of retail and dining options. There’s very limited land available for further development which makes this an irreplaceable property.”
The property’s floor-to-ceiling glass enhances 10X Centre’s panoramic views of Biscayne Bay, the Atlantic Ocean, and both downtown Miami and Fort Lauderdale. Town Center of Aventura is directly across the street and features many dining, grocery and retail options. Aventura Mall, the country’s most successful, is less than a mile away and features over 60 eateries and 2.5 million square feet of retail. The JW Marriott Miami Turnberry Resort & Spa is also less than a mile away and boasts two 18-hole, championship golf courses and almost 100,000 square feet of event space.
The property was purchased by Cardone Capital’s most recent equity fund offering, Cardone Equity Fund XII, LLC. The offering raised over $30 million from over 130 accredited investors and was oversubscribed.
Christian Lee of CBRE (NYSE: CBRE) represented the seller in the transaction, and City National Bank provided debt financing.
Ryan Tseko, EVP of Cardone Capital, said “There is significant upside to this investment as we lease up the remaining available space. We’ve already received a lot of interest.”
The property is currently 85% occupied with a total of 29 tenants, including international, credit tenants.
Mr. Tseko also stated that the property is adjacent to the existing headquarters of Cardone Capital and Cardone Enterprises which provides space flexibility for Grant Cardone’s rapidly growing businesses and potential redevelopment and/or value-add opportunities for both properties.
This marks Cardone Capital’s seventh acquisition since the beginning of 2020, including 10X Living at Mizner Park, a 235-unit apartment community located in Boca Raton which was purchased just days prior on May 26, 2021.
This is also the first office property Cardone Capital added to its portfolio, which currently includes 29 multifamily properties with a total of 9,218 units and a value of approximately $2.2 billion.
*The information provided is for convenience only. It is not investment advice or a recommendation, it does not constitute a solicitation to buy or sell securities, and it may not be relied upon in considering an investment in a Cardone fund. Past performance is no guarantee of future results. Any historical returns expected returns or probability projections may not reflect actual future performance. All securities involve risk and may result in partial or total loss. Investment in Cardone funds is available only to independently verified “accredited investors” through an offering made in accordance with Rule 506(c) under Regulation D of the Securities Act of 1933. Before investing in any Cardone fund, prospective investors should consider carefully the investment objective(s), risks, arches, and expenses. While the data we use from third parties is believed to be reliable, we cannot ensure the accuracy or completeness of the data provided. Cardone Capital does not provide legal or tax advice. Prospective investors should consult with a tax or legal adviser before making any investment decision.
**Targeted IRR and Equity Multiple listed above represents the property’s internal rate of return (IRR) or Equity Multiple based on the property’s forecasted cash flows generated over a period of time and the amount invested in the property. This is different from the forecasted IRR or Equity Multiple to the investor in the applicable fund or other investment vehicle.
***We temporarily ceased distributions for 3 months in response to COVID-19 as a business decision to protect the Fund and also in accordance with the Operating Agreement. We have since started making distributions again. There could be reasons in the future that we similarly make the decision to cease distributions if it is in the best interest of the Fund.
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