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
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
American Landmark CEO Joe Lubeck and The Marin. (American Landmark, Arium)
American Landmark buys Plantation apartments for $58M
American Landmark buys Plantation apartments for $58M
Executive Court at Jacaranda at 7800-8040 Peters Road (Google Maps)
Intalex Capital buys Plantation office park for $15M
Intalex Capital buys Plantation office park for $15M
Raanan Katz of RK Centers with the Veranda Shoppes at 500-560 North Pine Island Road in Plantation (Photos via Raanan Katz, Google Maps)
Raanan Katz buys Publix-anchored Plantation shopping center for $17M
Raanan Katz buys Publix-anchored Plantation shopping center for $17M
Rendering of Plantation apartments with PGIM's Eric Adler and Stiles Corp's Ken Stiles (Stiles)
Stiles, PGIM buy Plantation multifamily dev site from synagogue, score $64M financing
Stiles, PGIM buy Plantation multifamily dev site from synagogue, score $64M financing
Sagi Shaked and 201 North Pine Island Road (Shaked Law, Google Maps)
Former Plantation fertility clinic sells for $8M
Former Plantation fertility clinic sells for $8M
Christopher Forest Longsworth (Invesca)
Invesca CEO Christopher Longsworth dies at 36
Invesca CEO Christopher Longsworth dies at 36
12301 West Sunrise Boulevard with Raanan Katz, Bob Barth, Zach Zalben and Stanley Black (Google Maps, Linkedin, Getty)
Miami Heat minority owner continues Best Buy shopping spree with $12M Plantation deal
Miami Heat minority owner continues Best Buy shopping spree with $12M Plantation deal
arrow_forward_ios

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

Loading...