CBRE has arranged the sale of Courtyard at Broken Sound, four interconnected two-story office pods encircling a lushly landscaped courtyard at 851 Broken Sound Parkway in Boca Raton.
BREF 851 LLC, an entity controlled by Malcolm Butters, acquired the property from Rexall Sundown, which is leasing back a portion of the property, for $6.125 million.
CBRE represented the seller in the transaction.
Courtyard at Broken Sound is located within the Park at Broken Sound (formerly the Arvida Park of Commerce), which is in the midst of major planned redevelopment.
“This is a classic value-add play,” said CBRE’s Jeff Kelly. “The improved property will be put on the market as a multi-tenant office property.”
Office demand is strong in Palm Beach County, according to Q1 2016 CBRE Research. Stable economic conditions have contributed to increases in leasing activity in the Palm Beach County, which posted 10 consecutive quarters of rent growth. Vacancy in Boca Raton stands at 17.4%.
Built in 1987, the +/-60,000 square-foot Courtyard at Broken Sound is located within The Park at Broken Sound. The 1,000-acre park is envisioned to become a live/work/play destination, with the added benefit of its proximity to the Boca Raton Tri-Rail Station. When completed, retail stores, hotels, restaurants and thousands of residential multifamily units will complement the mix of the area’s existing 5.2 million square feet of office and industrial space.
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