The Real Deal Miami

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
November 10, 2018 11:30AM

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.