Canadian seller of Boca Raton office building gets 31% more than it paid in 2016

The 92,260-square-foot office building was sold for $22.4M by an affiliate of ICM Realty Group, which had acquired the property in 2016 for $17.05M

Miami /
Nov.November 10, 2018 11:30 AM

6111 Northwest Broken Sound Parkway in Boca Raton (Credit: Miller Construction Company)

UPDATED Nov. 20, 5 p.m.: An office building in the Park at Broken Sound in Boca Raton sold for $22.4 million, or 31 percent more than the seller paid in 2016.

The seller is an affiliate of Canada-based ICM Realty Group, which had acquired the office building  in 2016 for $17.05 million.

ICM VII Atrium sold the Atrium at Broken Sound office building to Alchemy-ABR Investment Partners and Breakers Capital Partners for $243 per square foot. The sellers retained CBRE to lease the building and serve as property manager.

The 92,260-square-foot office building, formerly the headquarters of Rexall Sundown, was built in 1986 on an eight-acre site in the Park at Broken Sound, formerly known as the Arvida Park of Commerce.

The Atrium at Broken Sound  is the second office building in Palm Beach County that Alchemy-ABR Investment Partners has acquired. The New York-based firm bought a mid-rise office complex at 4200-4400 Northcorp Parkway in Palm Beach Gardens in 2016 for $30.05 million, or $264 per square foot.

The Institutional Property Advisors division of brokerage firm Marcus & Millichap represented ICM Realty Group in the sale of the Atrium at Broken Sound at 6111 Northwest Broken Sound Parkway. [South Florida Business Journal]Mike Seemuth

Correction: A previous version of this story had an incorrect sale price.


Related Articles

arrow_forward_ios
Gary Bettman and 4020 Ibis Point Circle, Boca Raton (Getty, Google Maps)
NHL commissioner Gary Bettman buys Boca Raton mansion
NHL commissioner Gary Bettman buys Boca Raton mansion
AeroEquity Partners' Michael Greene and David Rowe with 6700 Northwest Broken Sound Parkway, Boca Raton (AeroEquity; CBRE)
Private equity firm pays $6M for Boca Raton office building
Private equity firm pays $6M for Boca Raton office building
Jeffrey A. Levitetz and 5001 Egret Point Circle, Boca Raton (Purity Wholesale, Google Maps)
Grocery distributor sells waterfront Boca Raton mansion for $16M
Grocery distributor sells waterfront Boca Raton mansion for $16M
Steven R. Dingle and the property he sold at 298 West Key Palm Road. (SRD Building Corp, Royal Palm)
Former Cantor Fitzgerald CEO sells Boca Raton mansion to homebuilder for $9M
Former Cantor Fitzgerald CEO sells Boca Raton mansion to homebuilder for $9M
Investcorp co- CEOs Hazem Ben-Gacem and Rishi Kapoor, Ventures CEO Tom Scott and 135 Northwest 20th Street in Boca Raton (Investcorp; Ventures; Google Maps)
CA Ventures buys Boca Raton apartment complex for $80M
CA Ventures buys Boca Raton apartment complex for $80M
Bill Pulte and 2020 Royal Palm Way, Boca Raton (Bill Pulte, Royal Palm)
Bill Pulte buys waterfront teardown in Boca Raton for $6M
Bill Pulte buys waterfront teardown in Boca Raton for $6M
North American Development Group CEO John Preston and the Via Mizner Golf & Country Club at 6200 Boca Del Mar Dr (NADG; Google Maps)
Multifamily developer buys former Boca Raton golf course
Multifamily developer buys former Boca Raton golf course
President Donald Trump and James Batmasian (Getty, White House)
Boca Raton real estate honcho James Batmasian gets presidential pardon
Boca Raton real estate honcho James Batmasian gets presidential pardon
arrow_forward_ios

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

Loading...