Innovatus Capital Partners Buys Miami Office Portfolio
- Apr 02, 2020
Innovatus Capital Partners has acquired Dolphin Corporate Park, a two-building Class A office portfolio in Doral, Fla. Cushman & Wakefield Capital Markets negotiated the deal on behalf of the seller, Procacci Development Corp. The deal comes days after Cushman & Wakefield facilitated the $510 million refinancing of a historical Manhattan skyscraper.
The 164,509-square-foot Dolphin Corporate Park is located at 11410 and 11430 NW 20th St., some 14 miles from downtown Miami. Procacci Development completed the campus in 2008 on a 9.2-acre site. The office park, built to withstand a Category 5 hurricane, features back-up generators and a parking ratio of 4.7 spaces per 1,000 square feet.
At the time of sale, the property was 94.2 percent leased to tenants including the Food and Drug Administration, U.S. Bank, the Bureau of Alcohol, Tobacco, Firearms and Explosives, Brickell Bank, Humana and Banco Santander. The location provides convenient access to Florida’s Turnpike and the Dolphin Expressway. The asset is situated adjacent to the Dolphin Mall, a 1.4 million-square-foot shopping center.
The Cushman & Wakefield team included Dominic Montazemi, Mike Davis, Miguel Alcivar, Scott O’Donnell, Michael Ciadella, Greg Miller, Rick Brugge and Rick Colon.