Midtown Capital Partners buys Plantation office building for $78M

Insurer Sunshine Health leases the entire property

Miami /
May.May 05, 2021 02:30 PM
Midtown Capital Partners managing partner Alejandro Velez (Cushman & Wakefield, Midtown Capital)

Midtown Capital Partners managing partner Alejandro Velez (Cushman & Wakefield, Midtown Capital)

Midtown Capital Partners bought a newly built office building at the Plantation Pointe business park for $78 million.

Miami-based Midtown Capital bought the four-story property at 1700 North University Drive in Plantation and the adjacent 900-space garage from Northbrook, Illinois-based Torburn Partners, according to a deed. Midtown Capital took out a $46.8 million loan from Coconut Grove-based 3650 Real Estate Investment Trust 2 to finance the purchase.

The 145,963-square-foot building on 7 acres is fully leased to insurer Sunshine Health, a subsidiary of publicly traded life insurance conglomerate Centene, said Alejandro Velez, managing partner at Midtown Capital.

Sunshine Health is consolidating its South Florida operations from at least two offices in Sunrise into the Plantation Pointe building, Velez said. Roughly 900 employees will be brought back to the office in phases through September, he said.

Torburn, led by Michael Burns, completed the building in November, after scoring a $50 million construction loan in 2019.

This is Midtown Capital’s second purchase of offices at the 77-acre Plantation Pointe at 8000 West Sunrise Boulevard. It bought 7600 and 7700 West Sunrise Boulevard from Torburn for $56.6 million in 2017.

Torburn acquired the 850,000-square-foot business park, which previously was known as the Motorola Solutions campus, for $38.1 million in 2013. As it renovated and added to the campus, it obtained a $43 million refinancing in 2015.





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