Procacci's development plans call for two 80,000-sf to 90,000-sf, class A office buildings. A majority tenant has been committed for the first three-story building. "We've signed one major lease already and expect strong interest from additional tenants," Philip Procacci, principal of Procacci Development Corp., says in a statement. However, the company is not disclosing the name at this time.
"As a development company with a broad range of projects under our belts, we're always looking to be versatile regarding the highest and best use of space at Dolphin Commerce Center," says Richard Swerdlow, chief operating officer of Swerdlow Group. "Procacci will bring additional high-quality office space to the center, complementing our existing office, industrial and telecom uses. Dolphin Commerce Center and versatility are two words we believe go hand in hand."Dolphin Commerce Center has about 1.1 million sf of leased space in a campus setting that consists of seven buildings, including two world-class, fully operational telecom data centers. The park, adjacent to the 1.4 million-sf Dolphin Mall, has upwards of two million sf of space available for sale or lease for development as class A office, industrial/distribution, telecom, flex and build-to-suit space. Dolphin Commerce Center tenants include Telefonica Data USA, the United States Postal Service, DHL Airways and Danzas Corp.
The sale to Procacci follows months of increased activity at the office/industrial park. Several new leases have been signed at the park's industrial buildings recently, and interest is rising in the 70 acres of undeveloped land, according to a spokesperson.
Several other land sales at Dolphin Commerce Center are expected to follow Procacci's land purchase, which came with office development rights. CB Richard Ellis, the exclusive listing agent for the park, is also marketing a portfolio of five fully leased, class A industrial buildings for sale. The closing is expected by the end of the year.
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