TPA Group Sells Pembroke Pines Offices to Midtown Capital

Midtown Capital Partners bought an office complex in Pembroke Pines for $44.5 million, making way for a potential multifamily project.

Miami-based Midtown Capital purchased The Edison at 1200-1300 Southwest 145th Avenue from Atlanta-based TPA Group, according to records and Vizzda. The buyer borrowed $28.9 million from Israel Discount Bank of New York for the deal.

Completed in 2019, the 117,300-square-foot Edison consists of a three-story building and a one-story building on a 12.6-acre site, Vizzda records show. It last traded for $12.2 million in 2017, according to property records.

Edison roughly 87 percent occupied, said Alejandro Velez, of Midtown Capital.

Tenants include insurance broker Lockton, MyHousingSearch and U.S. Immigration Law Counsel.

Midtown Capital plans to hold the asset and eventually pursue an apartment project on this site and its adjacent property. Midtown also owns the nearly 145,000-square-foot Pembroke Pointe office building 880 Southwest 145th Avenue, immediately north of Edison.

Pembroke Pointe is fully leased, according to Velez. Tenants include Keller Williams Realty Partners SW.

The Edison and Pembroke Pointe sites give Midtown Capital a combined 23.6 acres of land.

It wasn’t immediately clear if Midtown Capital would add the apartment buildings on the parking lots and keep the offices, or if it would pursue a total redevelopment.

Midtown is ramping up its South Florida development activity. This month, it scored an $84 million construction loan to complete its 252-unit Astor Park Flagler Village apartment project with a pair of 12-story buildings in Fort Lauderdale’s Flagler Village neighborhood. Construction completion is expected this summer.

In Plantation, Midtown also plans to add a 300-unit apartment project with some affordable housing on the parking lot of the Plantation Pointe office park. The site is at 7510 West Sunrise Boulevard.

Developers have seized upon suburban office complexes in South Florida with plans for redevelopment, either adding apartments on the parking lots or replacing existing buildings. In Boca Raton, Pebb Enterprises and the Toledano family’s BH Group are renovating two of the existing office buildings at the Office Depot headquarters campus. The pair is partnering with the Pérez family’s Related Group to replace the third building with an eight-story, 500-unit apartment project. The campus has been rechristened The Eclipse.

Conversions of existing office buildings into residential are rare in South Florida. The only known such project is Keystone Development + Investment’s conversion of the properties at 9400 and 9500 South Dadeland Boulevard in Kendall’s Dadeland area into 212 apartments.