Lennar’s headquarters sells for $40M

Hollywood-based Naya USA paid $138 psf for the office complex near MIA

760 Northwest 107th Avenue and Lennar's Stuart Miller
760 Northwest 107th Avenue and Lennar's Stuart Miller

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.