Midtown Capital Partners has acquired The Edison, an office complex in Pembroke Pines, for $44.5 million. The Miami-based firm purchased the property at 1200-1300 Southwest 145th Avenue from TPA Group of Atlanta, as confirmed by public records and Vizzda. Financing for the deal included a $28.9 million loan from Israel Discount Bank of New York.
The Edison was completed in 2019 and consists of a three-story building and a one-story building on a 12.6-acre site. According to Vizzda records, the site last sold for $12.2 million in 2017. The complex is currently about 87 percent occupied, according to Alejandro Velez of Midtown Capital.
Current tenants at The Edison include Galen College of Nursing, iHeart Radio, and Comcast.
Midtown Capital plans to retain the office buildings while considering the development of apartment buildings on parking lots at both The Edison and its adjacent property, Pembroke Pointe. Midtown also owns Pembroke Pointe, a nearly 145,000-square-foot office building located immediately north of The Edison at 880 Southwest 145th Avenue. Pembroke Pointe is fully leased with tenants such as GMMI and Seagis Property Group.
Combined, The Edison and Pembroke Pointe properties give Midtown Capital control over approximately 23.6 acres in Pembroke Pines.
Alejandro Velez stated that “Midtown Capital would develop the apartment buildings on the parking lots and keep the offices.”
The company is increasing its development activity in South Florida. Earlier this month, it secured an $84 million construction loan to finish Astor Park Flagler Village—a project consisting of two 12-story buildings with a total of 252 apartments in Fort Lauderdale’s Flagler Village neighborhood—with completion expected this summer.
In Plantation, Midtown also plans to add a 300-unit apartment project that will include some affordable housing units on the parking lot of Plantation Pointe office park at 7510 West Sunrise Boulevard.
Across South Florida, developers are increasingly looking to redevelop suburban office complexes by adding residential units or replacing existing structures with new apartments. In Boca Raton, Pebb Enterprises and BH Group are working with Related Group to renovate parts of the Office Depot headquarters campus—now called The Eclipse—and build an eight-story apartment project with 500 units on part of the site.
Conversions from office to residential use remain rare in South Florida; one example is Keystone Development + Investment’s ongoing conversion of two Dadeland area properties into a total of 212 apartments.
