A group of Miami insurance industry executives scooped up the office component of a Miami mixed-use project for $47.5 million.
An entity managed by Univista Insurance CEO Ivan Herrera, his wife and UniVista Insurance President Ania Herrera and Univista Insurance COO Luis Castro, bought two five-story office buildings at 850 Northwest 42nd Avenue (also known as Le Jeune Road), according to records. The deal equates to about $223 a square foot.
The seller is an entity managed by Miami developer Sergio Pino, who built the 210,635-square-foot project with partner Pactia USA, records show. The partnership also developed an adjacent 230-unit, six-story apartment building and a parking garage that is connected to the office buildings. The entire mixed-use project was completed last year.
The Herreras, who founded Univista Insurance in 2006, also own their company’s corporate headquarters, a four-story office building near the Miami River. An entity managed by Ivan Herrera paid $10.2 million for that property in 2017.
Pino previously told The Real Deal that he acquired the land for the three buildings and the garage in 2005. He originally had planned to develop a 327-unit condo building. In 2019, a year after breaking ground, the Pino-Pactia USA partnership obtained a $12.8 million construction loan from Capital Bank for the office component.
Office deals and new developments are on the upswing across South Florida. Recently, Miami-based Gomez Development Group scored a $45 million construction loan for a new medical office building in Aventura and Rieber Development landed an $84 million construction loan for an assisted-living facility project with medical offices and retail, also in Aventura.
In West Palm Beach, Sweden-based Index Investments and Verdex Construction paid $13.4 million for an office building in an off-market deal.
Last month, American Commercial Realty bought Crystal Cove Commons, a North Palm Beach mixed-use property with 75,000 square feet of ground-floor retail next to a four-story office building, for $49.1 million. And in Hialeah, IMC Equity Group nabbed a medical office building for $14.7 million.