Procacci Blog

Procacci Development Corporation sold a 14.6-acre parcel fronting Florida’s Turnpike next door to the Dolphin Mall in Sweetwater to Swedish home furnishings retailer IKEA.
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.

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 acquired a four-floor, 32,902-square-foot, multi-tenant office building at 2500 NW 107th Ave., in Doral for $4.878 million from BB&T.  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.

Last week the Wharton Club of South Florida hosted General Douglas Fraser, Commanding Officer of the U.S. Southern Command, based in Doral.  The event was held on Tuesday, April 24, 2012 at Nova Southeastern University.

General Fraser addressed a captive audience as he spoke about Southern Command’s strategically important role in the South Florida region and the division’s impact upon our local economy.  Procacci Development Corporation, a valued partner to Federal, State and Local government agencies for more than 35 years, was honored to have sponsored the event.

The 2012 National Hurricane Conference was recently held from March 26th through 29th. We were honored to be invited to speak at one of the featured workshops titled, “Hurricane Resistant Design and Construction – Superior Construction.”

Reese McCauley, Executive Vice President of Procacci Development Corporation’s Construction Division, delivered a presentation to a crowd interested in the BUILT PROCACCI STRONG construction concept. He outlined how Procacci has incorporated innovative components to the construction of its buildings to make them resistant to winds of up to 185 mph of a Category 5 Hurricane. The positive response from attendees was overwhelming and reaffirms Procacci’s commitment to providing tenants with the highest level of protection for their business.

For more information about the conference, please visit www.hurricanemeeting.com.