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Lennar Subsidiary Acquires Doral CRE Properties For $56M

A subsidiary of Lennar Corp. paid $56.25 million for Doral Corporate Center and a neighboring CVS pharmacy building.

Hines VAF II Doral, a subsidiary of Houston-based real estate giant Hines, sold the 150,662-square-foot office building to RREF III-P Doral Office for $48.75 million and the recently completed pharmacy building at 8750 N.W. 36th Street for $7.5 million to RREF III P Doral Outparcel.

doral-corporate-center2The buyers, both part of Miami-based Lennar (NYSE: LEN) subsidiary Rialto Capital Advisors, obtained a $40.2 million mortgage from JPMorgan Chase Banj.

The properties are at the busy intersection of Northwest 87th Avenue and Northwest 36th Street in Doral. Hines broke ground in 2015 on a neighboring project featuring apartments, hotel rooms and retail.

The six-story Doral Corporate Center was built on the seven-acre site in 1985. The CVS pharmacy building on 2.8 acres was completed this year.

Hines still owns the office building at 3750 N.W. 87th Ave.


Source: SFBJ