Duke Realty sells Pembroke Pines office building for $42M

Miami-based Midtown Capital Partners is the buyer

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.

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