(Crystal Proenza is associate editor of Real Estate Florida.)
MIAMI-Boca Raton-based Procacci Development Corp. has opened two new buildings at the Dolphin Commerce Center in the Airport West submarket. The two buildings, each 82,372 sf located at 11410 and 11430 NW 20th St., tout a hurricane-resistant design that can withstand winds up to 185 mph and 100% backup generator capacity for up to two weeks.
Over 150 people attended an Aug. 7 grand opening event, including members of the Beacon Council, Miami Chamber of Commerce, local business leaders and building tenants. "The number of people present was a testament to the community's belief in the project as one the area needs," Debra Kremblas, vice president of Proccaci, tells GlobeSt.com, adding that the investment into creating the hurricane-resistant buildings is a testament to the company's long-term commitment to the 49-acre Crossroads at Dolphin Commerce Center project.
The two newest additions to the project are entering the market 50% leased, says Kremblas. CarePlus Health Plans Inc. occupies 56,000 sf as administrative offices, while the University of Phoenix occupies a full floor of 26,000 sf to operate a master's degree program. According to Jones Lang LaSalle's second-quarter report, current pricing at the development is $23.50 per sf triple net, with a $9.50-per-sf operating expense. Additional terms of the leases were not disclosed.
"Historic vacancies look very good in this area--below 12%, so fresh new product will be welcomed," says Stephen Nostrand, executive vice president of Colliers Abood Wood-Fay in Miami. However, he notes "if absorption [at this project] drags out over a long period of time they will be competing with new product," such as Shoma Development's One Park Square, a 231,500-sf class A office building in the same submarket.
The new buildings at Crossroads join two already existing 90,000-sf office structures that opened in 2004 and 2007, both currently occupied by GSA Group. When complete, the entire Crossroads development, located just north of the Dolphin Mall and Florida's Turnpike, will include 700,000 sf of class A office and warehouse/flex space.
Three buildings totaling 90,989 sf of warehouse/flex space at Crossroads are expected to soon receive certificates of occupancy, says Kremblas. One 36,134-sf building was sold in May to Quality Technology Services, which plans to establish a data center. The second industrial building is substantially involved in negotiations for a long-term lease, says Kremblas, and the third is 50% leased.
Procacci's next project, scheduled for completion next year, is a speculative 181,000-sf office building at Crossroads, says Kremblas. The company also has future plans to develop 40,000 sf at its West Palm Emerald View at Vista Center project, which currently has two 73,500-sf office buildings that are 73% leased.
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