LNR Property Corp., the spinoff of locally based homebuilder Lennar Corp., put the 281,985-sf of class A office space on the market last fall as part of a planned acquisition-disposition strategy.
"We target certain assets on an annual basis in the business that are at a strategic time to sell," Mark Griffith, LNR vice president tells GlobeSt.com. "It's pretty typical."
Corporate Center Holdings Inc. acquired the property. Holliday Fenoglio Fowler originated the interim, adjustable-rate financing through GE Capital Corp. of Fairfield, CT. The investment group includes Patronis, Greenstreet Capital of Kansas City and Continental Real Estate Co.
"The improved airport infrastructure and escalating international trade make this site extremely attractive to both buyers and the capital markets," says Howard Taft, who arranged the financing with Drew Kiesling.
The corporate park at Florida's Turnpike and Northwest 107th Avenue, just east of Sweetwater, remains the corporate headquarters site for Lennar and LNR. It is currently leasing near 100% with major tenants such as Maersk, Ingersoll Rand, De La Torre Insurance, La Lande Financial Group and General Electric.
"Occupancy has historically been in the very high 90s," LNR's Griffith says. "There is some near-term rollover occurring, and Lennar has negotiated a new lease."
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