Institutional Property Advisors Brokers Palm Beach County Office Building Sale
June 09, 2022
BOCA RATON, Fla., June 8, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of the 851 Building, a 60,000-square-foot office building in Boca Raton, Florida. The property sold for $13.8 million, or $228 per square foot.
“Located in The Park at Broken Sound, Boca Raton’s most highly sought-after business park, the 851 Building is a newly renovated property that provides the buyer with upside through increasing rental rates and occupancy,” said Douglas K. Mandel, IPA executive managing director. “Eighty percent occupied at the time of the sale, the building is supported by the submarket’s strong demographics, including annual average household income of approximately $118,000 within a three-mile radius,” added Tyler S. Kuhlman of Marcus & Millichap. Mandel, Kuhlman and Zachary Levine represented the seller, Malcolm Butters, president of South Florida-based Butters Construction and Development, and procured the buyer, Blair Rolnick.
“In 2012, The Park at Broken Sound was re-zoned for Planned Mobility and there are now luxury apartment and townhome developments completed and several more underway,” continued Mandel. “Given the number of properties that have been redeveloped within the park over the past several years and the 851 Building’s five-acre footprint, we positioned the asset as a covered land play.” Blair Rolnick stated: “It was a pleasure working with the Butters team, and we look forward to being a part of the bright future of The Park at Broken Sound.”
The 851 Building has frontage along Broken Sound Parkway and is one mile from Interstate 95, which provides access to the surrounding area and destinations throughout South Florida. The Boca Raton Station of the Tri-Rail system, South Florida’s 71-mile commuter train system that runs from West Palm Beach to Miami is also a mile away. Florida’s Turnpike, Boca Raton Airport, Palm Beach International Airport and Fort Lauderdale International Airport are nearby. Major companies in the area include Tyco, ADT, Canon, and Office Depot. There are many retail, dining, hotel and entertainment options close by, including the 1.5 million-square- foot Town Center Mall.
Built in 1987 on five acres and renovated in 2016, the two-story 851 Building has portico entryways, a courtyard, and 208 parking spaces, including 10 that are awning-covered. Suites available for lease are ready to rent and range from 650 square feet to 7,850 square feet.
“Located in The Park at Broken Sound, Boca Raton’s most highly sought-after business park, the 851 Building is a newly renovated property that provides the buyer with upside through increasing rental rates and occupancy,” said Douglas K. Mandel, IPA executive managing director. “Eighty percent occupied at the time of the sale, the building is supported by the submarket’s strong demographics, including annual average household income of approximately $118,000 within a three-mile radius,” added Tyler S. Kuhlman of Marcus & Millichap. Mandel, Kuhlman and Zachary Levine represented the seller, Malcolm Butters, president of South Florida-based Butters Construction and Development, and procured the buyer, Blair Rolnick.
“In 2012, The Park at Broken Sound was re-zoned for Planned Mobility and there are now luxury apartment and townhome developments completed and several more underway,” continued Mandel. “Given the number of properties that have been redeveloped within the park over the past several years and the 851 Building’s five-acre footprint, we positioned the asset as a covered land play.” Blair Rolnick stated: “It was a pleasure working with the Butters team, and we look forward to being a part of the bright future of The Park at Broken Sound.”
The 851 Building has frontage along Broken Sound Parkway and is one mile from Interstate 95, which provides access to the surrounding area and destinations throughout South Florida. The Boca Raton Station of the Tri-Rail system, South Florida’s 71-mile commuter train system that runs from West Palm Beach to Miami is also a mile away. Florida’s Turnpike, Boca Raton Airport, Palm Beach International Airport and Fort Lauderdale International Airport are nearby. Major companies in the area include Tyco, ADT, Canon, and Office Depot. There are many retail, dining, hotel and entertainment options close by, including the 1.5 million-square- foot Town Center Mall.
Built in 1987 on five acres and renovated in 2016, the two-story 851 Building has portico entryways, a courtyard, and 208 parking spaces, including 10 that are awning-covered. Suites available for lease are ready to rent and range from 650 square feet to 7,850 square feet.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.