Midtown Capital Partners has acquired The Edison, an office complex in Pembroke Pines, for $44.5 million. The Miami-based investment firm purchased the property from Atlanta’s TPA Group and secured a $28.9 million loan from Israel Discount Bank of New York to finance the deal.
The Edison, completed in 2019, consists of two buildings totaling 168,700 square feet on a 12.6-acre site. According to Vizzda records, the development last sold for $12.2 million in 2017. Alejandro Velez of Midtown Capital stated that the complex is currently about 87 percent occupied by tenants such as Galen College of Nursing, iHeart Radio, and Comcast.
Midtown Capital plans to retain the existing office space while eventually developing apartment buildings on the parking lots at both The Edison and its adjacent property. The company 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 including GMMI and Seagis Property Group.
Combined, The Edison and Pembroke Pointe give Midtown Capital control over approximately 23.6 acres in Pembroke Pines.
Velez said Midtown would keep the offices while pursuing residential development on underused land: “Midtown Capital would develop the apartment buildings on the parking lots and keep the offices.”
This acquisition comes as Midtown increases its activity in South Florida’s real estate market. Earlier this month, it obtained an $84 million construction loan for Astor Park Flagler Village—a planned 252-unit apartment project featuring two 12-story towers in Fort Lauderdale’s Flagler Village neighborhood—with completion expected this summer.
Additionally, Midtown has plans for a new residential project in Plantation that will add around 300 apartments—including some affordable units—on part of Plantation Pointe office park at 7510 West Sunrise Boulevard.
The trend of redeveloping suburban office complexes into mixed-use or residential projects continues across South Florida. In Boca Raton, Pebb Enterprises and BH Group are working with Related Group to renovate parts of Office Depot’s former headquarters campus while replacing one building with an eight-story apartment structure named The Eclipse.
Despite growing interest in redevelopment projects like these—often involving new construction on parking lots rather than conversion—actual conversions of existing office buildings into residential use remain rare locally; Keystone Development + Investment’s ongoing project at Dadeland Boulevard is one exception where two properties are being converted into more than 200 apartments.
