{"id":1004596099,"date":"2022-08-09T08:35:58","date_gmt":"2022-08-09T16:35:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004596099"},"modified":"2025-02-24T02:04:01","modified_gmt":"2025-02-24T10:04:01","slug":"azora-exan-acquires-miami-area-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/azora-exan-acquires-miami-area-office-asset\/","title":{"rendered":"Azora Exan Acquires Miami-Area Office Asset"},"content":{"rendered":"
\"\"

429 Lennox Ave.<\/p><\/div>\n

Miami-based real estate fund manager Azora Exan<\/strong> 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<\/strong> represented the seller, Goddard Investment Group<\/strong>, and procured the buyer.<\/p>\n

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.<\/p>\n

\n

READ ALSO:<\/strong> Why Office REITs Still Face Some Risk<\/a><\/p>\n

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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<\/strong>.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Miami\u2019s office space surge continues<\/h2>\n

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.<\/p>\n

The Greater Miami office market continues to see exceptional growth, according to a recent CommercialEdge report<\/a>. The metro\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is the firm’s second office transaction in Miami Beach in less than a year.<\/p>\n","protected":false},"author":3012,"featured_media":1004596098,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1492,21742,21747],"tags":[51628,35791,35027,35028,32796,33678],"class_list":["post-1004596099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-miami","category-latest","category-office","tag-azora-exan","tag-goddard-investment-group","tag-hermen-rodriguez","tag-ike-ojala","tag-jll","tag-wework"],"acf":[],"yoast_head":"\nMiami Beach Office Building Sells for $37M - CPE<\/title>\n<meta name=\"description\" content=\"Azora Exan acquired 429 Lennox Ave., an office building in Miami Beach, near Miami, from Goddard Investment Group. JLL brokered the deal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/azora-exan-acquires-miami-area-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Azora Exan Acquires Miami-Area Office Asset\" \/>\n<meta property=\"og:description\" content=\"Azora Exan acquired 429 Lennox Ave., an office building in Miami Beach, near Miami, from Goddard Investment Group. 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