Dolphin CorporatePark

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DORAL, FL—New York-based portfolio management firm InnovatusCapital Partners has acquired Dolphin Corporate Park, a nearly165,000-square-foot office campus here. The seller was BocaRaton-based Procacci Development Corporation, which was representedby Cushman & Wakefield's Capital Markets team. The price wasnot disclosed.

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Dolphin Corporate Park is a two-building, Class A office complexthat was developed in 2008.

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C&W's Dominic Montazemi tells GlobeSt.com that there wasrobust interest in the property. He says only minor improvementsare planned.

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"We conducted a full marketing effort for the property, whichattracted robust interest in the asset," said Montazemi. "Capitalwas drawn to the stable, credit rent roll." Dolphin CorporatePark's proximity to both Florida's Turnpike and the DolphinExpressway provides access to 66% of South Florida's populationwithin a one-hour drive of the property. The campus' position nextto the 1.4-million-square-foot Dolphin Mall was also a draw.

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Dolphin Corporate Park was 94.2% leased at the time of sale.Notable tenants include Humana, the Bureau of Alcohol, Tobacco,Firearms and Explosives, ADT Security Services, the Food and DrugAdministration, US Bank, Banco Santander and Brickell Bank."Dolphin Corporate Park represented an exciting core-plusinvestment opportunity," Montazemi said.

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