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NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton
Property is 80% leased
Malcolm Butters, president of Butters Construction and Development, sold an office building at Boca Raton’s Park at Broken Sound for $13.8 million.
Blair Rolnick bought the two-story building at 851 Northwest Broken Sound Parkway, according to the broker’s news release. Rolnick is a pediatrician in New Jersey and is trained in emergency room pediatrics, according to the website of Bee Kind clinic in Westfield, New Jersey.
Douglas Mandel and Tyler Kuhlman of Marcus & Millichap represented the buyer and seller.
The 60,000-square-foot office building was completed in 1987 on 5 acres and renovated in 2016, the release says. It has 208 parking spaces.
Butters paid $6.1 million for the property in 2016.
The building is 80 percent leased, with available suites ranging from 650 square feet to 7,850 square feet, according to the release.
Rolnick purchased the property separately from her real estate investment family. Austin, Dillon and Brandon Rolnick are on the board of trustees of Mountainside, New Jersey-based real estate investment and management firm Pentaurus, according to the company’s website.
Pentaurus has traded South Florida properties over the years. In 2017, the company bought a West Palm Beach apartment complex at 4685 North Haverhill Road and an adjacent lot for $7.2 million.
The following year, entities managed by Austin Rolnick paid $19.1 million for a three-property Palm Beach County residential portfolio. It includes a 40-unit townhouse complex at 100 Harrington Court in Palm Springs; 32 condos at 4100 Coquina Winds Way in Greenacres; and 28 of 34 townhouses at 4624 Villas Santorini Drive in an unincorporated part of the county.
In August, Woodward Properties bought The Villas of Boynton Beach apartment complex at 405-515 Southeast 20th Avenue for $12.7 million from an entity led by Austin and Lawrence Rolnick.
The 700-acre Park at Broken Sound, rebranded in 2015 from its previous moniker Arvida Park of Commerce, was first developed as an office-only complex in the 1970s. Residential and retail real estate components were added in subsequent years.
In two other Park at Broken Sound office deals, Brookfield Properties paid $8.3 million for the building at 6300 Park of Commerce Boulevard in November, and Elliot Stone’s Royal Castle Companies paid $8.9 million for the properties at 6501 and 6531 Park of Commerce Boulevard in January.