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

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

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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.