Procacci sells two office buildings near Dolphin Mall for $29M

UPDATED, April 6, 6:00 p.m.: Procacci Development Corp. sold two office buildings in Sweetwater for a combined price of $29.3 million.

Boca Raton-based Procacci Development sold the buildings at 11430 Northwest 20th Street and 11410 Northwest 20th Street, near Dolphin Mall, to New York-based Innovatus Capital Partners, according to records.

Procacci Development sold the 88,484-square-foot building at 11410 Northwest 20th Street for $8.9 million, and the adjacent land for $5.77 million. The company also sold the 85,452-square-foot building at 11430 Northwest 20th Street for $8.9 million, and the adjacent land for $5.77 million, records show.

The buyer secured a $33 million loan from Miami Lakes-based BankUnited, records show.

The properties last sold in 2008 for a combined price of $6 million. The properties were constructed the same year, records show. The office buildings are near the Florida Turnpike.

Cushman & Wakefield Capital Markets team of Dominic Montazemi, Mike Davis, Miguel Alcivar, Scott O’Donnell, Michael Ciadella, Greg Miller, Rick Brugge and Rick Colon represented Procacci Development Corporation in the sale.

Procacci Development Corp. was founded 35 years ago by Philip Procacci with his father, Pasquale Procacci. The company owns a number of properties in Doral, including the BB&T Building at 2500 Northwest 107th Avenue.

Prior to the coronavirus crisis, South Florida’s office market remained strong. Miami-Dade’s office rents rose to $43.40 in the fourth quarter of 2019 from $39.10 in the fourth quarter of 2018, according to JLL’s Office Insights report.

Office construction was at a 10-year high with 3.5 million square feet of development underway in Miami-Dade at the end of 2019, according to a recent report by Colliers International South Florida.