An affiliate of Canadian real estate firm ICM Realty Group acquired The Atrium at Broken Sound office building in Boca Raton for $17.05 million.
The seller was 6111 BSP Associates, managed by David S. Novoseller in Boca Raton, and the buyer was ICM (VII) Atrium, part of the Calgary, Alberta-based company.
The deal covers a 100,688-square-foot office building on 8 acres at 6111 Broken Sound Parkway. Built in 1986 and formerly home to Rexall Sundown, the building last traded for $10 million in 2009. In 2014, Novoseller’s company paid $75,000 for 2.4 acres of a golf course to give the site access to Clint Moore Road.
The new deal equates to $157 per square foot, but this deal might be a redevelopment play.
In September, the residential development arm of Florida Crystals filed an application with the city to build 178 apartments there plus a parking garage. The office building would have remained under the proposal, which has yet to be voted on by the city.
ICM Managing Director Andrew Webb, who manages its U.S. operations from Delray Beach, said the company is exploring its options for the two acres of additional land near the Atrium. It could be suitable for market rate apartments, senior living or a limited service hotel, he said. ICM is looking for a partner for that development, Webb said.
Florida Crystal’s agreement was with the prior owner, he added. This is ICM’s fifth acquisition in South Florida.
“We love the building and we love the opportunity to add value by leasing it up more and doing a cosmetic renovation,” Webb said. “We continue to focus very heavily on the Southeast Florida market in terms of more acquisitions.”
Law firm Sachs Sax Caplan is among the tenants in the building.
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