Midtown Capital Partners buys Miramar office center for $23M

UDT built the office center in 2019

UDT CEO Henry Fleches and Midtown Capital CEO Alejandro Velez with 2900 Monarch Lakes Boulevard (Miramar Parks & Rec, Midtown Capital, Cushman & Wakefield)
UDT CEO Henry Fleches and Midtown Capital CEO Alejandro Velez with 2900 Monarch Lakes Boulevard (Miramar Parks & Rec, Midtown Capital, Cushman & Wakefield)

UPDATED, Oct. 26, 4:45 p.m.: A Miami real estate investment and asset management firm bought the Miramar headquarters of an information technology company for $22.6 million.

Records show Midtown Capital Partners bought the Miramar Tech Center at 2900 Monarch Lakes Boulevard.

A company affiliated with United Data Technologies, or UDT, which uses the building as its headquarters, sold the building. UDT resells technology and provides IT services to companies and government agencies, including schools, according to its website.

The 148,225-square-foot, three-story, class A office building is 100 percent leased, according to a press release. The weighted average lease term is more than 10 years with no tenant’s lease set to expire before 2024.

In 2015, UDT paid $2.1 million for the 3.7-acre site at 2900 Monarch Lakes Boulevard, records show. It relocated from its headquarters in Doral and moved into a 21,155-square-foot space within the building, which was built in 2019.

UDT was founded in 1995 by CEO Enrique “Henry” Fletches and President Gerard Amaro, both of whom are managers for the company that sold the building, according to state records.

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Scott O’Donnell, Mike Ciadella, Dominic Montazemi, Greg Miller and Miguel Alcivar of Cushman & Wakefield represented the seller in the deal, according to the release. Jason Hochman, also of Cushman & Wakefield, secured $13.56 million in acquisition financing for the buyer.

Other tenants in the Miramar Tech Center include University of Florida’s MBA South Florida program, telecommunications company SES Networks and the headquarters of housekeeping services provider The Service Companies.

Founded in 2010, Midtown Capital Partners, led by Alejandro Velez, has spent $170 million on assets over the past two years, according to the release. Earlier this month, Midtown bought a warehouse near Medley for $7.5 million.

In 2018, Midtown Capital Partners bought Downtown Dadeland for $78.2 million, marking one of the biggest retail deals of that year. That same year, Midtown Capital Partners paid $14.75 million for a Coral Gables office building as part of a sale-leaseback deal.

Broward County’s office leasing activity took a hit during the third quarter. Newly signed leases amounted to half the square footage of the same period in 2019. Still, Broward’s leasing troubles were better than the other two counties. Broward saw the lowest negative absorption in South Florida at 487,000 square feet.

Correction: A previous version of this story had an incorrect figure for the square footage of the building.