Class A Office Building Hits the Market in Boca Raton, Florida
BOCA RATON, Fla., May 22, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces it has been appointed by ICM Realty Group, a multi-national real estate investment firm, as exclusive advisor for the sale of The Atrium at Broken Sound, a 93,260-rentable-square-foot office building in Boca Raton, Florida. The price is not disclosed.
“With nearly 50 percent of the occupied rentable square footage scheduled to remain under lease for the next six years, and with no projected rollover for the next one-and-a-half years, The Atrium will provide a steady income stream for a new owner,” says Douglas K. Mandel, IPA senior director. “The expansive parcel also offers investors an opportunity to further develop the property by adding an office building, or a hotel.” Mandel and Marcus & Millichap’s Tyler Kuhlman are representing ICM.
The office building is located within the Park at Broken Sound with sweeping views of the Broken Sound golf course, frontage on Broken Sound Parkway and Clint Moore Road. The property is situation on approximately 10.5 acres and is less than two miles from Interstate 95, a mile from the Boca Raton Tri-Rail commuter rail station and 2.2 miles from Downtown Boca Raton.
Constructed in 1986 and completely renovated in 2007, The Atrium at Broken Sound is currently 89.7 percent occupied with a variety of tenants ranging from legal, financial and healthcare-related. The building has an architecturally unique design, an approximately 3,000-square-foot-three-story atrium with a skylight and an underground parking garage.