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Boca Raton investors snap up Park at Broken Sound office building
Building is part of the 700-acre commercial park that's being partially redeveloped
A group of investors just purchased an office building in Boca Raton’s Park at Broken Sound for $6.57 million, property records show.
The 54,675-square-foot building, called Siena at Broken Sound, traded hands for about $123 per square foot. Records show 1095 Center Realty Associates LLC, led by Randall Rossilli, Alan Rossilli, Robert Ferrara and Michael Buckworth, bought the building at 1095 Northwest Broken Sound Parkway.
The seller is a New Jersey-based company called Hudson Regency Motel Inc., led by Joseph Riela. Records show it paid $5.8 million for the three-story building in 2010.
Kristy Hartofilis and Jay Whelchel of Whelchel Partners Real Estate Services were the listing brokers. It was on the market for $10.5 million, according to the commercial brokerage’s website. Hartofilis and Whelchel were not immediately available to comment.
Built in 2009, Siena at Broken Sound has 21,800 square feet of available space on the ground floor, according to marketing materials. The building has 50,000 square feet of office space and 7,000 square feet of leasable storage space.
Park at Broken Sound, formerly known as the Arvida Park of Commerce, is a 700-acre commercial park in northwest Boca. Portions of the commercial park are now slated to house retail and 1,050 multifamily units in three building after the city approved a change in zoning for the site in 2012.
In October, a two-building office complex in the park sold for $8.45 million, or $163 per square foot, to a Burlingame, California-based company.
One of the first residential projects to be developed at the Park at Broken Sound recently hit the market and is expected to fetch up to $145 million.