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Lennar Corp Center Sold for $40M

Homebuilder Developed Four-Building Campus in Miami
October 9, 2017
Colony Northstar, Inc. sold the Lennar Corporate Center, a four-building office complex at 700-790 NW 107th Ave. in Miami, FL, for $40 million, or about $139 per square foot, to NayaUmi LLC.

National homebuilder Lennar Corp. developed the 289,986-square-foot office campus between 1982 and 1993, and maintains its headquarters there. Located in the Miami Airport submarket, the four four-story buildings sit on 16.4 acres immediately adjacent to the Dolphin Expressway, which connects to Florida's Turnpike and the Palmetto Expressway.

The buyer financed the acquisition, which closed free and clear of existing debt, with a new $28.6 million financing package from Berkadia.

NayaUmi, managed by Yoav Merary and Guy Sharon, is a partnership of Naya USA LLC and Coast Capital Partners LLC, according to Holliday Fenoglio Fowler (HFF) LP, which brokered the sale.

Hermen Rodriguez, Ike Ojala and Tracey Goo with HFF represented the seller and procured the buyer.

Please see CoStar COMPS #4021029 for additional information on this transaction.

Paul Owers, South Florida Market Reporter  CoStar Group   
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