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SWERDLOW SELLS 10 ACRE'S AT MIAMI'S DOLPHIN COMMERCE CENTER
-- PROCACCI TO BUILD NEARLY 200,000 SQUARE FEET OF OFFICE --
Released October 14, 2003
Coconut Grove, Fla.-- Swerdlow Group today announced that
it has sold 10 acres of land at its 147-acre Dolphin Commerce Center
in the Airport West section of Miami to Procacci Development Corporation
in a transaction valued at over $6.5 million. Procacci will develop the
land into two 80,000 to 90,000 square-foot Class-A office buildings,
with a majority tenant already committed for the first three-story building.
The transaction caps months of growing activity at the office/industrial
park, with several new leases signed for the park's industrial buildings
in recent months and rising interest in the remaining 70 acres of undeveloped
land. That remaining acreage represents one of the last large parcels
of land left in Airport West, an area of increasing importance to both
the Miami market and the international industries which service the region.
"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," said 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 currently has approximately 1.1 million square
feet of leased space in a campus setting, with seven buildings including
two world-class, fully operational telecom data centers. The park has
upwards of two million square feet available for development as Class-A
office, industrial/distribution, telecom, flex and build-to-suit space
for sale or lease. Amenities of the park include multiple fiber-optic
service providers, redundant power supply and enhanced security. The
park is adjacent to the 1.5 million square foot Dolphin Mall and benefits
from direct frontage on Florida's Turnpike, where it intersects with
the Dolphin Expressway (SR 836).
"Dolphin Commerce Center's park-like setting, easy access and
area amenities made it a very attractive setting for Class-A office
space," added Philip Procacci, Principal of Procacci Development
Corporation. "We've signed one major lease already, and expect
strong interest from additional tenants."
Procacci's purchase of the land came with office development rights,
and is expected to be followed shortly by several other land sales in
the park. CB Richard Ellis is the exclusive listing agent for the park,
with remaining land parcels available starting at five-acre sizes and
up. CB Richard Ellis is also marketing a portfolio of five of the existing
Class-A industrial buildings for sale, all of which are fully leased,
with a closing expected by year-end.
Existing tenants at Dolphin Commerce Center include Telefonica Data
USA, the United States Postal Service, DHL Airways and Danzas Corporation
among others. These companies are attracted to the Center's proximity
to Miami International Airport, the Port of Miami and its ease of access
to key North, Central and South American business centers. In addition,
the Center is adjacent to the 1.4 million square foot Dolphin Mall,
providing a large selection of dining and retail options that are especially
attractive to office tenants, with the surrounding area and nearby Miami
International Mall providing still more options and additional office
tenant services.
Swerdlow Group, based in Coconut Grove, Florida, is a private real
estate company involved in a broad range of ownership, development,
management and leasing activities, with a proven track record of over
15 years. The firm owns and operates a portfolio of approximately three
million square feet with developments ranging from retail centers, industrial
and telecom properties, to urban revitalization projects including themed
city centers and multifamily residential development. The company is
currently developing Biscayne Landing, a $1 billion mixed-use residential
community situated on 190 acres in North Miami, in joint venture with
Boca Developers. Swerdlow Group also developed, leased and sold The
Dolphin Mall, a 1.4 million square-foot mega-outlet mall in Miami.
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