Investment firm mortgages Plantation office park for $43M

Miami /
Aug.August 07, 2015 01:30 PM

The owners of a 77-acre office plaza in Plantation, known as the Motorola Solutions campus, just refinanced the property with a $43 million loan, Broward County records show.

The loan was issued by the PrivateBank and Trust Company, which is headquartered in Chicago, to the ownership — a company titled 8000 West Sunrise. The LLC is managed by Torburn Partners, a privately owned Illinois-based real estate company that acquires, develops and manages commercial properties.

The company paid $38.1 million to acquire the campus from Motorola in 2013. The sale was financed with a $29 million loan from KeyBank.

The complex, at 8000 West Sunrise Boulevard, is split into two large parcels: the central one that stretches roughly 23 acres and houses a large, single-story office building with 339,813 square feet of space, and an attached 54-acre parcel that wraps around the main building and includes most of the property’s green space, its two man-made lakes, several parking lots and a handful of smaller structures with 514,749 square feet of space.

In February, several notices of commencement were filed for demolition on the property, headed by the Demcon Group of Plantation.

That includes the destruction of a small building in the southwest corner of the campus, removing connecting links between between some of the buildings, removing the on-campus cafe’s awning and terrace, and removing an antenna on the property — likely left over from when Motorola occupied the campus.

The complex was built in the 1970s and has been long occupied by Motorola, which had roughly 2,500 employees before layoffs last year that brought the number down to a few hundred, according to an article in the Sun-Sentinel. Motorola signed a long-term lease with Torburn when it purchased the property.


Related Articles

arrow_forward_ios
A rendering of Terra’s CentroCity development with David Martin of Terra
New lease on life: Apartment projects popping up at distressed South Florida shopping centers
New lease on life: Apartment projects popping up at distressed South Florida shopping centers
Encore Capital’s Art Falcone and Vision Properties’ Fred Arena with 61 North University Drive in Plantation (Rescore, LoopNet)
Art Falcone’s Encore Capital sells Plantation Walk office building for $58M
Art Falcone’s Encore Capital sells Plantation Walk office building for $58M
1 South Pine Island Road in Plantation, FL (Nottingham Pine, Getty)
Pandora Papers ties Miami multifamily investor to offshore trusts linked to disgraced Catholic order
Pandora Papers ties Miami multifamily investor to offshore trusts linked to disgraced Catholic order
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
1 South Pine Island Road (Newmark)
KPC Properties buys Plantation apartment complex for $46M
KPC Properties buys Plantation apartment complex for $46M
Merrimac Ventures co-CEOs Nitin Motwani and Dev Motwani. (Merrimac)
Motwanis’ Merrimac Ventures scores $72M construction loan for Plantation apartments
Motwanis’ Merrimac Ventures scores $72M construction loan for Plantation apartments
(MMG Equity Partners)
MMG Equity buys Plantation shopping center for $12M
MMG Equity buys Plantation shopping center for $12M
Midtown Capital Partners managing partner Alejandro Velez (Cushman & Wakefield, Midtown Capital)
Midtown Capital Partners buys Plantation office building for $78M
Midtown Capital Partners buys Plantation office building for $78M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...