The Real Deal Miami

Canadian firm picks up office tower in Boca for $17M

Building is 77 percent leased including tenant Sachs Sax Caplan
By Sean Stewart-Muniz | January 20, 2016 12:45PM

The offices at 6111 Northwest Broken Sound Parkway in Boca Raton

The offices at 6111 Northwest Broken Sound Parkway in Boca Raton

ICM Realty Group, a Canadian investment firm that’s active in South Florida, just put down $17.05 million for an office building in Boca Raton.

The property is located at 6111 Broken Sound Parkway within the 700-acre Park at Broken Sound commercial development. Included in the sale was a 100,668-square-foot office building that was erected in 1986, plus about 8 acres of land — most of which is currently used for surface parking. CoStar data shows the property is currently 77.3 percent leased out.

It was sold by a company named after the property’s address, with David S. Novoseller listed as its managing member. Novoseller also owns an investment firm called DSN Holdings, which is based in the Miami area.

Florida Community Bank gave ICM an $11.985 million loan to cover its purchase, according to Palm Beach County property records. Marcus & Millichap’s Douglas Mandel was the listing agent.

The price breaks down to about $169 per square foot. That’s a big premium over the $10 million Novoseller paid in 2009, which broke down to just under $100 a foot.

A listing for open spaces at the building say its features include a grand atrium design, with views of the nearby golf course and recent renovations. The entire building is also connected to a backup generator. Law firm Sachs Sax Caplan has its signage on the office’s top floor.

ICM’s recent activity in South Florida includes the renovation and re-branding of a West Palm Beach shopping center, plus the $10.9 million purchase of a Fort Lauderdale office building.