f

Torburn Partners scores $50M construction loan for office building at former Motorola campus in Plantation

The office park houses the virtual reality company Magic Leap
By Keith Larsen | July 23, 2019 05:00PM

Plantation Pointe

Plantation Pointe

A Chicago area developer scored a $50 million construction loan to build an office building at the former Motorola campus in Plantation.

Northbrook, Illinois-based Torburn Partners, led by Michael Burns, secured the loan from Wintrust Bank for the project at 1700 North University Drive in Plantation. The site is within an office park known as Plantation Pointe.

The development group recently received a notice of commencement to build an office building and garage, property records show. Moss Construction is listed as the contractor.

Plantation Pointe totals 77.5-acres and encompasses 850,000 square feet that was formerly fully occupied by Motorola. Some of the facility is still occupied by Motorola Solutions. Other tenants now include Magic Leap, the upstart virtual reality technology company.

In October, 2013 Torburn paid $38.1 million for the 77-acre office park. It then obtained city approval in 2015 for its plans to renovate the buildings at the property.

In 2017, Torburn Partners sold a portion of the office park to Miami-based Midtown Capital Partners for $56.6 million.