Done Deals: Procacci Development Corp. Sells Dolphin Commerce Center Parcel to IKEA

Thursday, November 22, 2012

Procacci Development Corp. Sells Dolphin Commerce Center Parcel to IKEA

Dolphin Mall, Miami, FL

Boca Raton, FL (Nov. 21, 2012) – Procacci Development Corporation, a leading owner / developer of commercial property across Florida, this month sold to Swedish home furnishings retailer IKEA, a 14.6-acre parcel fronting Florida’s Turnpike next door to the Dolphin Mall in Sweetwater.

The deal for the parcel, located on NW 117th Avenue at the intersection of the Dolphin Expressway and Florida’s Turnpike, closed November 14 with a purchase price of $31.5 million.

Philip Procacci

The retailer is proposing to build a 417,000-square-foot store that would open as early as Fall 2014 atop a two-level parking garage with 1,500 spaces. South Florida’s first IKEA store opened in 2007 in Broward County’s city of Sunrise. Two other Florida stores are located in Orlando and Tampa.

“The addition of IKEA to the Dolphin Commerce Center represents another economic boost to the area, and it caps a very busy year of transactions for our company,” said Philip Procacci, founder and CEO of Procacci Development Corporation.

Recent deals put Procacci in a favorable cash position to explore new acquisition opportunities across Miami-Dade County and throughout Florida. “Whether we buy existing office buildings or bring our development brand and expertise to a relationship, we’re well capitalized for the right deal.”

Among other transactions, Procacci this summer acquired from BB&T a four-floor, 28,000-square-foot, multi-tenant office building at 2500 NW 107th Ave., in Doral for $4.878 million. BB&T, the name tenant, leased back its retail banking space and drive-thru facilities.

Procacci also acquired the building at 95 S. Federal Highway in Boca Raton. Now under extensive interior and exterior renovation, the 15,000-square-foot building will become the Procacci corporate headquarters.

In October, the company sold an 84,000-square-foot retail / office center in Kissimmee, Florida for $9.55 million, and also acquired a 2.5-acre development site for $3.1 million directly across the street to the east of the Dolphin Mall.