Innovatus Capital Partners Acquired the Two-Building Office Campus in Doral from Affiliates of Proccaci Development Corporation
MIAMI, FL, April 9, 2020 — Cushman & Wakefield has negotiated the sale of Dolphin Corporate Park, a ±164,509-square-foot office campus in Doral.
The Cushman & Wakefield Capital Markets team of Dominic Montazemi, Mike Davis, Miguel Alcivar, Scott O’Donnell, Michael Ciadella, Greg Miller, Rick Brugge and Rick Colon represented affiliates of Boca Raton-based Procacci Development Corporation in the disposition. New York-based Innovatus Capital Partners acquired the asset for an undisclosed price.
Dolphin Corporate Park is a two-building, Class A office portfolio ideally located in the gateway market of Miami. The buildings were developed in 2008 on a ±9.24-acre site at 11410 and 11430 NW 20th St.
Dolphin Corporate Park houses the only Class A multi-tenant office buildings in Miami-Dade County built to withstand a Category 5 hurricane and winds up to 185 MPH. The campus offers a surface parking ratio of 4.66 spaces per 1,000 rentable square feet and two redundant 1000 kW generators in an N+1 configuration, which deliver a 20-day, 100% ‘business as usual’ environment for all systems before requiring refueling. Each building is equipped with 20,000 gallons of diesel fuel on-site.
Dolphin Corporate Park’s strategic proximity to both Florida’s Turnpike and the Dolphin Expressway provides a tremendous transportation advantage with access to 66% of South Florida’s population within a one-hour drive of the property. The campus’ position next to the 1.4-million-square-foot Dolphin Mall presents tenants with numerous dining and retail options in addition to a multitude of nearby options in Doral and the surrounding area.
Dolphin Corporate Park was 94.2% leased at the time of sale. Notable tenants include Humana (CarePlus); the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF); ADT Security Services; the Food and Drug Administration (FDA); US Bank; Banco Santander; and Brickell Bank.
“Dolphin Corporate Park represented an exciting core-plus investment opportunity featuring an unparalleled combination of credit tenancy, best-in-class hurricane protection, fantastic transportation dynamics, a generous parking ratio and numerous nearby amenities set against the backdrop of Doral, one of Florida’s fastest growing cities,” said Montazemi.
Added Davis, “Dolphin Corporate Park stands alone in Miami in offering state-of-the-art, disaster-proof construction, a unique value proposition highly valued by the property’s entrenched, creditworthy tenancy.”
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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Dolphin Corporate Park Photo
Dominic Montazemi Headshot
Mike Davis Headshot
Miguel Alcivar Headshot
Scott O’Donnell Headshot
Michael Ciadella Headshot
Greg Miller Headshot
Rick Brugge Headshot
Rick Colon Headshot