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Torburn Partners sells chunk of former Motorola office park for $57M
Torburn paid $38M in October 2013 for the 77-acre office park
UPDATED August 9, 10:30 a.m.: Northbrook, Illinois-based Torburn Partners just sold a portion of an office park in Plantation for $56.6 million to Miami-based Midtown Capital Partners, led by Alejandro Velez, property records show.
The two buildings at 7600 and 7700 West Sunrise Boulevard span about 221,597 square feet. The trade breaks down to about $255 per square foot. An additional parking lot that spans 8 acres was also part of the trade.
Records show Midtown Capital Partners scored a $31.1 million loan from Hartford Fire Insurance Company. An entity of the company also scored a $12.5 million mortgage for adjacent buildings at 1740, 1760 and 1780 North University Drive and 7900 West Sunrise Boulevard, which it bought from Torburn in April. The total amount of financing amounts to $43.6 million.
Torburn paid $38.1 million in October 2013 for the 77-acre office park at 8000 West Sunrise Boulevard formerly known as the Motorola Solutions campus and now called Plantation Pointe Office Park. Torburn leased 850,000 square feet to entertainment technology developer Magic Leap and health care company Amsurg Corp.
In 2015 the developer obtained city approval for its plans to renovate the buildings at the property. It later obtained a $43 million loan.
Correction: A previous version of this article incorrectly identified the square footage as 215,744 square feet. It is actually 221,597 square feet.