Miami-based real estate fund manager Azora Exan has finalized its $37 million buy of 429 Lennox Ave., a 43,500-square-foot office building in Miami Beach, Fla. The sale was subject to a $19 million loan from Abanca Corporacion Bancaria, according to CommercialEdge data. JLL Capital Markets represented the seller, Goddard Investment Group, and procured the buyer.
The purchase was Azora Exan’s second office transaction in Miami Beach in less than a year, Managing Partner Ignacio Gil-Casares said in a prepared statement. Gil-Casares, together with Vice President Arturo Vinueza, handled the transaction.
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Completed in 2005, 429 Lennox Ave. features modern workspaces, community areas, a fitness center, a roof deck and an 80-space parking garage. The five-story building is currently leased by WeWork.
Having direct entrance to Fifth Street and the A1A state road, the property is some 5 miles from downtown Miami in the South of Fifth district. The office building is surrounded by luxury condominiums, as well as retail stores and high-end hotels.
JLL Managing Director Ike Ojala, Senior Managing Director Hermen Rodriguez and Director Matthew McCormack led the brokerage team that negotiated on behalf of the seller.
Miami’s office space surge continues
The deal is part of Azora Exan’s strategy of buying well-located boutique office buildings in Miami and other core markets within the U.S. for investors that seek wealth preservation, Gil-Casares explained. CommercialEdge data shows nearly 3.6 million square feet of office space traded across metro Miami year-to-date as of August.
The Greater Miami office market continues to see exceptional growth, according to a recent CommercialEdge report. The metro’s pipeline reached 5.6 million square feet at the end of the second quarter, while the vacancy rate dropped 200 basis points year-over-year to 12.9 percent.