Dealmaker: Institutional Property Advisors Completes Boca Raton Office Sale

Institutional Property Advisors, Ontario, Calif., sold a Boca Raton, Fla. office building for $9.5 million.

IPA listed 1095 Broken Sound Parkway, a 46,590-square-foot Class A office building in the Park at Broken Sound office park.

“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 IPA Executive Managing Director Douglas Mandel. He represented the seller with Tyler Kuhlman and Zachary Levine of Marcus & Millichap.

“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 said.

Kuhlman noted the Palm Beach County office market saw a strong rebound last year and all office-using employers recovered all pandemic-related job losses by the second quarter. “Currently, employers are on track to end the year 8,000 positions above pre-health crisis counts,” he said.

Located at the intersection of Broken Sound Parkway and Broken Sound Boulevard, the building has more than 400 feet of prime frontage on Broken Sound Parkway. Nearby Interstate 95 gives tenants and their customers access to Florida’s Turnpike and three airports. The 1.5-million-square-foot Town Center Mall is 3.2 miles away and the Tri-Rail system’s Boca Raton Station 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.