Boca Raton office complex sold in Park at Broken Sound

CBRE has arranged the sale of the Courtyard Broken Sound office complex in Boca Raton to BREF 851, an entity controlled by Malcolm Butters. The $6.125 million building is located in the Park at Broken Sound (formerly known as the Arvida Park of Commerce), having been built in 1987. The 1,000 acre park is under development to become a zone with residential and work functions and is located close to the the Boca Raton Tri-Rail Station. When completed, retail stores, hotels, restaurants and thousands of residential multifamily units will be added to an existing 5.2 million sqf of office and industrial space. “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.”