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

Miami /
Nov.November 20, 2017 10:28 AM

The Siena at Broken Sound (Credit: Whelchel Partners)

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.


Related Articles

arrow_forward_ios
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Candice and Steven Stark with 1371 Royal Palm Way (Getty, Royal Palm Realty)
Luxury carpet mogul drops $17M for house on Royal Palm golf course in Boca Raton
Luxury carpet mogul drops $17M for house on Royal Palm golf course in Boca Raton
From left: Contrarian Capital's Jon Bauer and Pebb Enterprises' Ian Weiner with Meridian Office Center
Pebb JV buys Boca Raton office complex for $30M
Pebb JV buys Boca Raton office complex for $30M
(left to right) Nuveen's Mike Nuveen with 800 Waterford Way and Pebb Enterprises' Ian Weiner with 5355 Town Center Road (CoStar, Nuveen, TVS Design, Pebb)
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
The 851 Building at 851 Northwest Broken Sound Parkway at the Park at Broken Sound in Boca Raton (Marcus & Millichap, LinkedIn)
NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton
NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton
Shaul Rikman, Roni Soffer, Mati Rikman, and Moshe Wechsler with 21077 Powerline Road (Isram Realty Group, Emerald Empire, Google Maps)
Emerald Empire pays $25M for shopping center near Boca Raton
Emerald Empire pays $25M for shopping center near Boca Raton
From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
Yamato Office Center in Boca Raton trades for $46M
Yamato Office Center in Boca Raton trades for $46M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...