Brookfield pays $8M for office building in Boca’s Park at Broken Sound
Property manager FirstService Residential sold, leased back building
Brookfield Properties paid $8.3 million for a fully leased office building at the Park at Broken Sound in Boca Raton.
Records show that the New York-based real estate investment behemoth bought the 38,195-square-foot building at 6300 Park of Commerce Boulevard. The seller is FirstService Residential, a property manager that counts residential and commercial associations as its clients, according to its website.
This was a sale-leaseback deal, meaning FirstService Residential sold and then rented the building under a short-term lease, according to one of the deal brokers.
Roberto Susi and Jose Sasson of Axiom Capital Advisors represented the buyer. Robert Listokin of Colliers represented the seller.
The property was built in 1995 on 5 acres, property records show.
Park at Broken Sound originally was developed in the 1970s as an office park, called Arvida Park of Commerce, according to its website.
It was rebranded in 2015, and now includes retail and entertainment as well as residential development on 700 acres. The aim was to create a live-work-community, where residents can walk to work.
Since then, several multifamily projects have been developed at the park. In 2020, Bell Partners bought two finished complexes, at 5500 Broken Sound Boulevard and 950 Northwest Broken Sound Parkway, for a combined $94 million, and merged them under a new name, Bell at Broken Sound.
Related Group got city approval in 2019 to build a 297-unit apartment complex at the Park at Broken Sound.
The Park at Broken Sound spans roughly from Clint Moore Road south to Yamato Road, and from Military Trail east to I-95, although the boundaries are not exact, according to its website.
Brookfield Properties, led by Jan Sucharda, is the real estate development and management arm of Toronto-based, publicly traded Brookfield Asset Management. Brookfield Properties has over 50 million square feet under development and 375 million square feet under management globally, according to its website.