Duke Realty sells Pembroke Pines office building for $42M

Miami-based Midtown Capital Partners is the buyer

Miami /
Dec.December 19, 2017 02:00 PM

Pembroke Pointe 880 and CEO of Duke Realty, James B. Connor (Credit: Cushman & Wakefield and Duke Realty)

Duke Realty of Indianapolis just sold an office building in Pembroke Pines for $42 million, property records show.

Miami-based Midtown Capital Partners, led by Alejandro Velez and Alexander Saieh, bought Pembroke Pointe 880, a 144,000-square-foot office building at 880 Southwest 145th Avenue.

The sale breaks down to nearly $300 per square foot. Midtown Capital Partners financed the deal with a $22.7 million loan from Employers Reassurance Corporation.

Jason Hochman of Cushman & Wakefield helped secure the loan, according to a press release. Cushman’s Scott O’Donnell, Mike Davis, Michael Lerner, Dominic Montazemi, Miguel Alcivar, Greg Miller and Rick Brugge represented Duke Realty.

The industrial real estate investment trust paid $8.9 million for the nearly 11-acre site in 2006 and completed the building last year.

Tenants include Global Medical Management, Elizabeth Arden, CES Consultants Inc., Boxy Charm, Kronos Incorporated, Corestaff, Devry Education Group and Evolution Lighting LLC.

In August, Midtown Capital Partners bought a portion of the former Motorola Solutions campus, now called Plantation Pointe Office Park for $56.6 million.

Duke Realty has also been active in South Florida. In September, it spent $54.8 million to buy Bridge Point I-95, an industrial park in Fort Lauderdale.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Jason Tenenbaum of Prologis, Stephanie Rodriguez of Duke Realty and Ross Giglio of Terrano Realty
Industrial development, rents and leasing stable in South Florida, but uncertainty remains: panel
Industrial development, rents and leasing stable in South Florida, but uncertainty remains: panel
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)
TIAA sells Weston warehouse for $33M
TIAA sells Weston warehouse for $33M
arrow_forward_ios

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

Loading...