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Lennar’s headquarters sells for $40M
Hollywood-based Naya USA paid $138 psf for the office complex near MIA
UPDATED, Oct. 9, 10:22 a.m.: A Hollywood-based real estate investment firm just paid $40 million for Lennar Corp.’s Miami headquarters.
Colony Realty Partners sold the four-building complex at 700, 730, 760 and 790 Northwest 107th Avenue in Miami to Naya Umi LLC, a partnership between Naya USA Investment & Management and Coast Capital Partners. Lennar has been based at the Lennar Corporate Center since it developed the property in 1982.
The partnership paid about $138 per square foot for the 290,000-square-foot complex, and about $56 per square foot for the land. Naya USA, led by founder and managing partner Yoav Merary, and Coast Capital Partners, led by Guy Sharon, financed the purchase with a $28.6 million mortgage from Barry Sternlicht’s Starwood Capital Group. Berkadia’s Christopher Apone and Charles Foschini arranged the financing, a 10-year, partial interest-only loan.
The sale closed on Thursday. Records show Boston-based Colony Realty Partners, which is owned by Colony Northstar, is the seller. Colony Northstar has about $56 billion of assets under management, according to its website.
Naya bought the 16.4-acre property as a long-term hold, a spokesperson for the company said. Lennar and subsidiaries that include Rialto Capital Management, Eagle Home Mortgage and North American Title Company have long-term leases for the office complex. The site is near Florida International University, Miami International Mall and Miami International Airport, in addition to the 836 Expressway.
Lennar, the nation’s second-largest home builder, led by Stuart Miller, has dominated South Florida with a 60 percent share of the market in Miami-Dade. The company’s Eagle Home Mortgage business recently launched a program to court millennials into homeownership.
An earlier version of this story identified the buyer as Naya USA Investment & Management. Naya purchased the property along with Coast Capital Partners.