The Real Deal Miami

NAI-managed partnership buys Boca Raton office building for $24M

Park at Broken Sound office building last sold for $20M in 2015
By Katherine Kallergis | June 07, 2018 10:30AM

900 Broken Sound Parkway and Jordan Paul

A partnership between Mainstreet Capital Partners and an investment fund managed by the Davis Companies sold an office building at the Park of Broken Sound in Boca Raton.

Property records show 900 Broken Sound LLC, a company that lists a Greenville, South Carolina address of NAI Global, paid $23.7 million for the nearly 116,000-square-foot building at 900 Broken Sound Parkway.

The buyer, described in a press release as a group of local investors and a national investment fund, financed the deal with an $18.4 million loan from Wells Fargo. Jordan Paul, CEO of NAI/Merin Hunter Codman in West Palm Beach, signed the mortgage on behalf of the buyer.

HFF’s Hermen Rodriguez, Ike Ojala and Tracey Goo represented the buyer and seller. NAI/Merin Hunter Codman will manage and lease the building.

The sellers paid $19.75 million for the building in 2015. It was built in 1989.

Portions of the 700-acre office and industrial park,  formerly known as the Arvida Park of Commerce, are being redeveloped into retail and multifamily projects, adding more than 1,000 new apartments from developers like Armando Codina and Jim Carr, Jimmy Tate and Sergio Rok, and Altman Development Corp.

In December, Codina, Carr and New York-based Praedium Group sold 850 Boca, a 370-unit development within the Park at Broken Sound, for $138 million.