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

TRD 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
The Principal Richard Caster, Monica Mayotte and Andrea O’Rourke of Boca Raton City Council, and 2600 North Ocean Boulevard, Boca Raton (Credit: Azure Development)

Appeals court orders another vote on proposed Boca Raton beach duplex

Appeals court orders another vote on proposed Boca Raton beach duplex
Andrew Richardson and 1298 Cocoanut Road (Realtor)

Real estate exec sells Boca Raton home for $5M

Real estate exec sells Boca Raton home for $5M
261 Alexander Palm Rd, Boca Raton (Credit: Google Maps)

Boca Raton mansion sells for $9M

Boca Raton mansion sells for $9M
1889 Sabal Palm Drive and Dr. Lawrence “Scott” and Donna Ennis

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M
Sal Calvino and 2989 Spanish River Road (Linkedin, Realtor)

Soaring: Aviation exec buys waterfront Boca Raton mansion

Soaring: Aviation exec buys waterfront Boca Raton mansion
Prentis Wilson and 1880 Sabal Palm Circle (Realtor)

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion
310 East Alexander Palm Road (Realtor.com)

Cumberland Farms scion buys waterfront Boca Raton home

Cumberland Farms scion buys waterfront Boca Raton home
Stephen Siegel of Fairstead, 21000 Ruth and Baron Coleman Boulevard in Boca Raton (Credit: Google Maps)

Jewish Federation sells Boca Raton senior living facility for $34M

Jewish Federation sells Boca Raton senior living facility for $34M
arrow_forward_ios

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

Loading...