Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 1095 Broken Sound Parkway, a 46,593-square-foot Class A office building in the Park at Broken Sound office park in Boca Raton, Florida. The property sold for $9.5 million.
“This asset is the newest Class A office building to be delivered in the 700-acre, dynamically
evolving and highly desirable Park at Broken Sound live-work-play office park,” said Douglas K. Mandel, IPA executive managing director. “An ideal corporate or regional headquarters, the acquisition gives our buyer the opportunity to occupy more than 50% of the building’s existing square footage.” Mandel and Tyler S. Kuhlman and Zachary Levine of Marcus & Millichap represented the seller. “The Palm Beach County office market observed a strong rebound last year, as evidenced by the metro’s office-using employers’ recovery of all pandemic job losses by the second quarter,” said Kuhlman. “Currently, employers are on track to end the year 8,000 positions above pre-health crisis counts.”
Located at the intersection of Broken Sound Parkway and Broken Sound Boulevard, the building has over 400 feet of prime frontage on Broken Sound Parkway. Nearby Interstate 95 gives tenants and their customers easy access to Florida’s Turnpike, three airports, and an abundance of retail, dining, hotel and entertainment options. The 1.5 million-square foot Town Center Mall is 3.2 miles away and the Boca Raton Station of the Tri-Rail system, South Florida’s 71-mile mass transit commuter train system is less than a mile away.
Constructed in 2008, the three-story concrete office building has single-deck structured parking and ample underneath parking with multiple entrances.
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