MIAMI-CRP Investment LLC has acquired the 283,196-sf Lennar Corporate Center at N.W. 107th Ave. for $55.6 million. The center is a class B office complex consisting of four campus-styled buildings. CRP Investment is an affiliate of Boston-based Colony Realty Partners.

CB Richard Ellis Institutional Group executive vice president Christian Lee, Continental Real Estate Cos. executive vice president David Moret, CBRE/Melody South Florida office managing director Charles Foschini and CBRE/Melody South Florida office vice president Christopher Apone represented the seller in the transaction. The seller was an affiliate of BC Property Investments whose principals are George Lindemann and Jud Laird.

Lee tells the seller acquired the property several years ago with the plan to add value. “The seller met their objectives with the property and decided this was a good time to sell,” he says.

The building’s placement within the submarket makes it a gateway between the suburban communities to the south and the office, industrial and commercial districts to the north. Tenants in the building include General Electric, Ingersoll-Rand Co., Vista Healthplan, Maersk/Sealand Inc. and the original developer of the property, Lennar Corp. Space in the property rents for $23.50 to $25.50 per sf.

Lee says the buyer plans to invest some capital into the property to turn it into a class B+/A- property. “The buyer liked the returns on the property and the strong tenancy,” he says. “They feel that the Airport West submarket will experience sharp increases in rental rates.”

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