Midtown Capital Partners has acquired The Edison, an office complex in Pembroke Pines, for $44.5 million. The Miami-based investment firm purchased the property at 1200-1300 Southwest 145th Avenue from Atlanta’s TPA Group, according to public records and Vizzda. Financing for the transaction included a $28.9 million loan from Israel Discount Bank of New York.
The Edison, completed in 2019, consists of a three-story building and a one-story building totaling 168,700 square feet on a 12.6-acre site. The development previously sold for $12.2 million in 2017.
According to Alejandro Velez of Midtown Capital, the property is about 87 percent occupied. Current tenants include Galen College of Nursing, iHeart Radio, and Comcast.
Midtown Capital intends to retain the office buildings while eventually developing apartment buildings on parking lots at this site and an adjacent property it owns. The company also holds ownership of Pembroke Pointe, a nearly 145,000-square-foot office building at 880 Southwest 145th Avenue directly north of The Edison. Pembroke Pointe is fully leased with tenants such as medical billing service GMMI and Seagis Property Group.
Combined, The Edison and Pembroke Pointe give Midtown Capital control over approximately 23.6 acres in Pembroke Pines.
“Midtown Capital plans to hold the asset and eventually pursue an apartment project on this site and its adjacent property,” said Alejandro Velez of Midtown Capital.
Velez also stated that any new apartment buildings would be constructed on existing parking lots while maintaining the current office structures.
The acquisition comes as Midtown Capital increases its development activity in South Florida. Earlier this month, the firm secured an $84 million construction loan for Astor Park Flagler Village—an upcoming residential project featuring two twelve-story towers with a total of 252 units in Fort Lauderdale’s Flagler Village neighborhood—with completion anticipated this summer.
Additionally, Midtown has plans for another multifamily development: a proposed 300-unit apartment project including affordable housing options at Plantation Pointe office park located at 7510 West Sunrise Boulevard in Plantation.
Across South Florida, developers are increasingly targeting suburban office complexes for redevelopment opportunities by adding apartments or repurposing portions of existing sites. For example, Pebb Enterprises and BH Group are renovating parts of Boca Raton’s Office Depot headquarters campus while partnering with Related Group to replace one building with an eight-story residential structure called The Eclipse.
Conversions from offices to residential use remain uncommon in the region; Keystone Development + Investment’s transformation of properties at 9400 and 9500 South Dadeland Boulevard into apartments stands out as one notable example.
