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

Miami /
Jul.July 23, 2019 05:00 PM
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.


Related Articles

arrow_forward_ios
Christopher Forest Longsworth (Invesca)

Invesca CEO Christopher Longsworth dies at 36

Invesca CEO Christopher Longsworth dies at 36
Jorge Perez and Jon Paul Perez with Terminal Island (Getty, iStock)

Related gets height increase needed for Terminal Island office project in Miami Beach

Related gets height increase needed for Terminal Island office project in Miami Beach
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)

Related scores $88M construction loan for Dorsey project in Wynwood

Related scores $88M construction loan for Dorsey project in Wynwood
Elliott Management's Paul Singer, Microsoft CEO Satya Nadella and Citadel's Ken Griffin (Getty)

Microsoft, Citadel and Elliott Management among firms expanding in South Florida

Microsoft, Citadel and Elliott Management among firms expanding in South Florida
Prologis CEO Hamid Moghadam, Amerant CEO Millar Wilson and 12496 Northwest 25th Street in Sweetwater (Google Maps; Prologis; Amerant)

Prologis pays $12M for Sweetwater office building

Prologis pays $12M for Sweetwater office building
6262 Sunset Drive in South Miami with USAA CEO Len O’Donnell and Ardent Companies CEO Matt Shulman (Photos via Google Maps; Ardent; USAA)

Ardent buys South Miami medical office building for $37M

Ardent buys South Miami medical office building for $37M
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
Phillips Point office towers with Related's Stephen Ross (JLL, Getty)

Related Cos. to pay $282M for West Palm Beach office towers

Related Cos. to pay $282M for West Palm Beach office towers
arrow_forward_ios

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

Loading...