Lennar Corporate Center has been sold to NayaUmi LLC.
Lennar Corporate Center, the headquarters of Miami-based homebuilder Lennar Corp., has sold for $40 million, or nearly $138 per square foot.
NayaUmi LLC, a partnership between Naya USA LLC led by Yoav Merary and Coast Capital Partners LLC led by Guy Sharon, bought the property from Colony Realty Partners, a Boston-based real estate investment firm.
The Berkadia South Florida finance team of managing director Christopher Apone and senior managing director Charles Foschini secured a $28.6 million loan on behalf of NayaUmi for the acquisition.
“The borrower, Naya USA, was very attracted to the highly favorable below replacement cost purchase opportunity, substantial cash flow, location of asset, and quality tenancy,” Apone said in an emailed media release. “Given the high concentration of the anchor tenant and remaining lease term, it was critical to find a lender that could structure around potential rollover events and was comfortable with the asset and tenancy.”
The four-building, four-story office complex is southwest of the Dolphin and Palmetto expressways interchange and on the northwest corner of Northwest Seventh Street and 107th Avenue, specifically at 700, 730, 760 and 790 NW 107th Ave. in unincorporated Miami-Dade County.
Lennar is a tenant, has no ownership stake and will keep its headquarters there.
Holliday Fenoglio Fowler’s investment sales team of senior managing director Hermen Rodriguez, senior director Ike Ojala and director Tracey Goo represented the seller in the transaction. The property was sold free and clear of debt.
Lennar developed the 289,986-square-foot Lennar Corporate Center on 16.4 acres from 1982 to the early 1990s.
Aside from Lennar Corp., other tenants include Lennar affiliates, including Rialto Capital Management, Eagle Home Mortgage and North American Title Co.
Lennar, the nation’s second-largest homebuilder, last week reported third-quarter revenue rose 15.1 percent to $3.26 billion and home orders were up 8.4 percent to 7,610 homes in the quarter ended Aug. 31.