Lennar Corporatelennar Center Corporate Center 700, 730, 760 & 790 Nw 107Th Avenue | Miami, Fl
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LENNAR CORPORATELENNAR CENTER CORPORATE CENTER 700, 730, 760 & 790 NW 107TH AVENUE | MIAMI, FL TH STREET NW 7 st ) Ea 36 8 SR ( y a w s s e r p x E n i i h h p p l l o o D D o o T T NW 107TH AVENUE | 1 OFFERING SUMMARY LENNAR C ORPOR A TE CE NTE R OFFERING Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to offer the exclusive opportunity to acquire Lennar Corporate Center, a four-building office complex totaling 289,986 rentable square feet. LENNAR CORPORATE CENTER OVERVIEW 700 Building 730 Building 760 Building 790 Building Total Property Address 700 NW 107th Avenue 730 NW 107th Avenue 760 NW 107th Avenue 790 NW 107th Avenue Land Area +/- 16.41 acres Building Size (Square Feet) 73,751 73,403 70,381 72,451 289,986 Occupancy 100% 90% 96% 91% 94% Year Built 1982 1983 1989 1993 Stories 4 4 4 4 Parking The property has 1,071 parking spaces, a 3.7/1,000 square feet parking ratio. An on-site, non-striped grav- el lot holds up to 30 additional vehicles. Valet service is offered to tenants. Weighted Average Remaining Lease Term 4.1 years 2 LENNAR INVESTMENT HIGHLIGHTS C ORPOR A TE CE NTE R RARE CRITICAL MASS IN A CORE SUBMARKET LENNAR CORPORATION WORLD HEADQUARTERS Consisting of four office buildings totaling 289,986 square feet, Lennar Lennar Corporation is the second largest homebuilder in the United Corporate Center offers an opportunity to acquire a critical mass of office space States. Notable projects include Coto de Caza in Orange County, not found with competitive standalone buildings. The property is located in the California and Mountain Crest in Forsyth County, Georgia. Lennar Miami Airport submarket, an area that is recognized as the optimal headquarters Corporation’s other on-site business lines include Rialto Capital location for multinational companies looking to do business in South Florida and Management, Lennar Homes, North American Title, and Eagle Home Latin America. Mortgage. Founded in 1954, the company has spent the last 46 years on the NYSE and is a component of the S&P 500. Lennar Corporation STRONG OFFICE MARKET FUNDAMENTALS has a $10 billion market cap and a BB+/Ba1 credit rating. The Miami Airport submarket is the preferred suburban office market in Miami- Dade County. This supply constrained market has demonstrated exceptional Lennar Corporation has spent over $6.1 million on improvements fundamentals over the last five years, with a 700 basis point increase in to their space in just the last four years. This figure is in addition to occupancy from 85% in 2012 to 92% today. Positive net absorption, totaling landlord tenant improvement allowances totaling $2.6 million during over 1 million square feet during that time period, has largely been driven by that same time period. Below is a breakdown of Lennar Corporation’s corporate relocations and a tightening supply as nearby office properties are space usage: being converted into mixed-use developments. LENNAR CORPORATION SPACE BREAKDOWN INSTITUTIONAL DEVELOPMENT, OWNERSHIP & MANAGEMENT Space Use Building, Suite # SF % of Property The property was developed by Lennar Corporation in 1982 and has served as its headquarters since then. Lennar Corporate Center has been institutionally Lennar Executive Offices 700, #100 16,976 5.9% owned and maintained since its development. Lennar Executive Offices 700, #200 16,491 5.7% Lennar Executive Offices 700, #300 20,142 6.9% Lennar Executive Offices 700, #400 20,142 6.9% Lennar Corporation 730, #110 1,420 0.5% Lennar Homes 730, #300 12,338 4.3% Lennar Homes 730, #310 7,714 2.7% Eagle Home Mortgage 730, #400 10,250 3.5% Eagle Home Mortgage 730, #410 9,797 3.4% Lennar Corporation 760, #112 3,420 1.2% North American Title 760, #400 18,568 6.4% North American Title 790, #110 4,426 1.5% North American Title 790, #117 2,044 0.7% Rialto Capital Management 790, #300 10,153 3.5% Rialto Capital Management 790, #310 9,694 3.3% Rialto Capital Management 790, #400 19,847 6.8% Total Lennar Space 183,422 63.3% 3 LENNAR C ORPOR A TE CE NTE R MIAMI INTERNATIONAL DOLPHIN MALL NW 107 DOWNTOWN DORAL FACTORY STORE TH AVENUE NW 97 TH AVENUE TH AVENUE NW 11 LENNAR NW 12 TH STREET C ORPOR A TE CE NTE R The way car buying should be. DOLPHIN EXPRESSWAY 836 836 West Fontaine Condo Sundance Village Apartments Indian Lakes Village Caribbean Springs NW 7 TH STREET FOUNTAINEBLEU BOULEVARD Village Condo NWNW 107 107 THTH AVENUEAVENUE FIU College of Engineering & Computing 4 LENNAR CORPORATE CENTER MIAMI INTERNATIONAL DOLPHIN MALL NW 107 DOWNTOWN DORAL FACTORY STORE TH AVENUE NW 97 TH AVENUE TH AVENUE DEVELOPMENT POTENTIAL NW 11 There is the potential for a new owner to explore redevelopment of a portion of the LENNAR site into other uses such as hotel or multifamily residential. NW 12 TH STREET C ORPOR A TE CE NTE R The way car buying should be. SIGNIFICANTLY BELOW REPLACEMENT COST PRICING The property may be acquired at a significant discount to replacement cost, which DOLPHIN EXPRESSWAY exceeds $200 per square foot. 836 836 West Fontaine Condo Sundance Village DOUBLE-DIGIT LEVERED CASH-ON-CASH RETURNS Indian Lakes Village The property is being offered on a free and clear basis, which allows an investor to Apartments take advantage of today’s strong lending markets to generate double-digit levered Caribbean Springs cash-on-cash returns. NW 7 TH STREET FOUNTAINEBLEU BOULEVARD Village Condo EXCEPTIONAL NEARBY AMENITY BASE The surrounding area has numerous retail, dining, hotel, and entertainment options. Tenants appreciate the convenience of working five minutes from Dolphin Mall, the second largest mall in Miami with over 30 dining options and 200 retail outlets. Simon NW 107 NW 107 Property Group’s Miami International Mall and Miami’s first IKEA store are also located less than two miles from the property. THTH AVENUEAVENUE SUPERIOR ACCESSIBILITY & REVERSE COMMUTE The property is strategically positioned next to the entrance and exit ramps of FIU College of Dolphin Expressway, the main east-west thoroughfare in Miami. Dolphin Expressway Engineering & connects to Florida’s Turnpike, Palmetto Expressway and I-95, allowing easy access Computing to a workforce spanning almost all of suburban Miami-Dade and Broward counties. As a result, tenants at the property enjoy a reverse (or no) commute and are able to avoid the inevitable traffic congestion near Downtown Miami. 5 823 Miami North 9 Lakes OPA-LOCKA West Dixie Hwy Miami AIRPORT N. Miami Av. Beach 924 NW 135th ST Opa-Locka North Miami 9 441 NW 103th ST Miami Hialeah Shores NW 79th ST 934 934 27 CORPORATE CENTER NW 62nd ST Biscayne LENNAR NW 58th ST 1 Miami Bay NW 54th ST Beach Miami Springs 112 27 195 SALE PROCESS City of Doral 95 NW 20th ST Offering Format and Timeline 826 SW 87th Av 836 South • The Property is offered on an “as-is, where-is” basis NW 7th ST Beach Flagler Street 959 Miami 395 only to select investors registered through an executed CBD 41 Port of confidentiality agreement. SW 8th ST Miami Fisher LENNAR 973 Island C ORPO R A TE C E N T E R • Offer date will be announced in due course. 972 Westchester Coral 1 Virgina Key Gables SW 42nd Av • Preference will be given to those offers that reflect the SW 40th ST most comprehensive underwriting and the fewest or no University of Miami Coconut due diligence requirements or other conditions to close. South Grove Biscayne SW 107th Av 826 Miami Bay • Investors should be prepared to disclose their sources of funds and any approval processes necessary to close the 986 878 transaction. SW 88th ST Key Biscayne 874 Due Diligence Kendall Pinecrest Upon execution of the confidentiality agreement, investors will SW 112th ST Matheson Hammock Cape Florida be given access to an online document center with detailed Park property information. The purpose of this is to facilitate due SW 136th ST A N diligence and depth of underwriting. C E O 1 IC N N T LA T A INVESTMENT SALES TEAM FINANCING HERMEN RODRIGUEZ IKE OJALA TRACEY GOO CHRISTINA KONG MAXX CARNEY Senior Managing Director Director Associate Director Associate Associate Director [email protected] [email protected] [email protected] [email protected] [email protected] www.hfflp.com (305) 448-5332 (305) 774-6810 (305) 421-6548 (305) 913-5546 (305) 913-5553 Holliday Fenoglio Fowler, L.P. a Florida licensed real estate broker. MIAMI OFFICE HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner 1450 Brickell Avenue nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Suite 2950 Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are Miami, FL 33131 projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those T. 305.448.1333 results. The information contained herein is subject to change.