Investors flip office building in Boca Raton’s Park at Broken Sound for $11M
Andrew and Corey Shader sold it for $800K more than their purchase price seven months ago
Fort Lauderdale-based investors Andrew and Corey Shader flipped a Boca Raton office building for $800,000 more than their purchase price seven months ago.
North Miami-based investor Allen Chleminsky paid $10.7 million for the 0.6-acre property at 1095 Broken Sound Parkway, inside the Park of Broken Sound, according to records and Vizzda. The buyer obtained a $7.5 million loan from City National Bank of Florida.
The deal breaks down to roughly $197 a square foot.
A Shader entity paid $9.9 million for the three-story building in September of last year, records show. Spanning 54,203 square feet, the structure was completed in 2008.
Chleminsky and the Shaders are among the most active investors of small and mid-size commercial properties in South Florida’s suburban markets.
Between 2019 and 2021, Chleminsky went on a medical office buying spree. In that two-year span, he paid $7 million for two medical office buildings in West Palm Beach, $5 million for two medical office buildings in Lauderhill and $10.9 million for a two-tower office complex in Lake Worth Beach.
The Shaders specialize in South Florida suburban shopping centers, including the Shoppes at Oakland Forest in Oakland Park, and Seagrape Commons in Lauderdale by the Sea. In 2018, the Shaders paid a combined $17.4 million for both properties.
Investors often target office properties in Park of Broken Sound. Last year, New Jersey pediatrician Blair Rolnick snagged a two-story office building in the business park for $13.8 million. Malcolm Butters, president of Butters Construction and Development, sold the property to Rolnick.
Also last year, Royal Castle Companies bought a pair of Broken Sound office buildings for $8.9 million.
Sitting on 700 acres, Park at Broken Sound was formerly the Arvida Park of Commerce. A majority of the properties in the business park are for office and industrial uses, but the city of Boca Raton has allowed some residential development, including the 297-unit Manor Broken Sound apartment community. Lincoln Property Company bought the multifamily project for $194 million from developers Related Group and Rockpoint last year.