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MIAMI-A Southern California-based investment partnership has purchased a three-building office campus in Plantation, FL for $11.5 million, or $93 per sf. The property, which consists of 124,037 rentable sf on 9.4 acres, sold at a 10% market capitalization rate.

The seller was Procacci Financial Group, a Florida-based development group. Felici, a senior associate in Marcus & Millichap Real Estate Investment Brokerage Co.’s Fort Lauderdale office and a member of the firm’s National Office and Industrial Properties Group, represented Procacci Financial Group in the transaction.

Andy Sabherwal and Nicholas Scelsa, investment specialists in Marcus & Millichap’s Sacramento, CA office, represented the buyer.

The main tenant is The Department of Children and Families, which currently occupies about 75,000 sf there. The department, which has been a tenant there since 1982, has a long-term lease. Other tenants at the campus include the Broward County Sheriff’s Office, Broward County Child Services, GED Testing Program and Project Teamwork 4Kids.

“This asset provided the buyer a unique investment opportunity to acquire a property with predominantly state and county long-term lease tenants,” according to Kirk Felici, a broker involved in the deal. “The campus-like setting was intentionally created to provide synergy for the tenants in the care and welfare of kids and families in Broward County.

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