Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announced today the sale of The Atrium at Broken Sound, a 93,260-rentable-square-foot office building in Boca Raton, Florida.
“The acquisition gives new ownership a steady income stream and the ability to further develop the property with the addition of an office building or hotel,” said Douglas K. Mandel, IPA senior director. Mandel and Marcus & Millichap’s Tyler Kuhlman represented the seller, ICM Realty Group, a multi-national real estate investment firm, and procured the buyer.
Built in 1986 and completely renovated in 2007, The Atrium at Broken Sound is situated on approximately 10.5 acres within the 700-acre Park at Broken Sound business park, less than two miles from Interstate 95, a mile from the Boca Raton Tri-Rail commuter rail station and 2.2 miles from Downtown Boca Raton. The building has frontage on Broken Sound Parkway and Clint Moore Road and views of the Broken Sound golf course.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.
