An office building in the Park at Broken Sound in Boca Raton sold for $21.4 million, or 25 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 $229 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