South Florida Office Park Trades to Innovatus Capital Partners
“Capital was drawn to the stable, credit rent roll.”
DORAL, FL—New York-based portfolio management firm Innovatus Capital Partners has acquired Dolphin Corporate Park, a nearly 165,000-square-foot office campus here. The seller was Boca Raton-based Procacci Development Corporation, which was represented by Cushman & Wakefield’s Capital Markets team. The price was not disclosed.
Dolphin Corporate Park is a two-building, Class A office complex that was developed in 2008.
C&W’s Dominic Montazemi tells GlobeSt.com that there was robust interest in the property. He says only minor improvements are planned.
“We conducted a full marketing effort for the property, which attracted robust interest in the asset,” said Montazemi. “Capital was drawn to the stable, credit rent roll.” Dolphin Corporate Park’s proximity to both Florida’s Turnpike and the Dolphin Expressway provides 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 was also a draw.
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 Drug Administration, US Bank, Banco Santander and Brickell Bank. “Dolphin Corporate Park represented an exciting core-plus investment opportunity,” Montazemi said.