Midtown Capital Partners has acquired The Edison, an office complex in Pembroke Pines, for $44.5 million. The Miami-based real estate investment firm bought the property at 1200-1300 Southwest 145th Avenue from Atlanta’s TPA Group, according to public records and Vizzda. To finance the purchase, Midtown Capital borrowed $28.9 million 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 totaling 168,700 square feet on a 12.6-acre site. The property last changed hands in 2017 for $12.2 million.
Currently, The Edison is about 87 percent occupied, said Alejandro Velez of Midtown Capital. Tenants include Galen College of Nursing, iHeart Radio, and Comcast.
Midtown Capital intends to retain the existing offices while considering an apartment development on this site and its adjacent property in the future. The company also owns Pembroke Pointe, a nearly 145,000-square-foot office building located immediately north of Edison at 880 Southwest 145th Avenue. Pembroke Pointe is fully leased with tenants such as GMMI and Seagis Property Group.
With both properties combined, Midtown Capital now controls approximately 23.6 acres of land in the area.
Velez noted that any new apartment buildings would likely be developed on parking lots while keeping the office structures intact.
Midtown Capital is expanding its development efforts in South Florida. Earlier this month, it secured an $84 million construction loan to complete Astor Park Flagler Village—a two-tower apartment project with 252 units—in Fort Lauderdale’s Flagler Village neighborhood. Construction is expected to finish this summer.
Additionally, Midtown plans to develop a 300-unit apartment complex with affordable housing at Plantation Pointe office park in Plantation at 7510 West Sunrise Boulevard.
Other developers are also targeting suburban office sites for redevelopment across South Florida by either adding residential components or replacing office buildings entirely. In Boca Raton, Pebb Enterprises and BH Group are partnering with Related Group to redevelop part of the Office Depot headquarters campus into an eight-story apartment building called The Eclipse while renovating other offices on site.
Despite these trends toward mixed-use redevelopment projects on office campuses or their parking areas, actual conversions of existing office buildings into residential units remain rare in South Florida. Keystone Development + Investment’s ongoing conversion at Dadeland Boulevard in Kendall—turning two former offices into a total of 212 apartments—is currently believed to be the only such project underway.
