The Real Deal
By Lidia Dinkova
January 12, 2024
Meyers Accesso scooped up an office building within the Park at Broken Sound mixed-use development in Boca Raton.
Alchemy-ABR Investment Partners sold the three-story The Atrium at Broken Sound at 6111 Northwest Broken Sound Parkway for $25 million, according to records and real estate database Vizzda. The buyer took over the seller’s existing $15.9 million debt on the property. BankUnited is the lender.
Completed in 1986, the 100,000-square-foot building is on 10 acres, according to Vizzda. New York-based Alchemy-ABR bought the building in 2018 for $22.4 million, records show.
The Atrium is 74 percent occupied, CoStar News reported.
Tenants include computer consultant iPower Technologies, law firm Sachs Sax Caplan, Florida Pharmaceutical Products and South Palm Beach County Bar Association.
Meyers Accesso is a joint venture formed in 2022 between Aventura-based Meyers Group and Hallandale Beach-based Accesso Partners. The joint venture focuses on commercial and residential real estate. Meyers Accesso is led by Stuart Meyers and Ariel Bentata.
In August, the joint venture secured a $46.1 million construction loan for a two-building, 200-unit apartment complex at 3300 Boutwell Road in Lake Worth Beach.
New York-based Alchemy-ABR is a joint venture between Alchemy Properties and ABR Partners, according to the firm’s website. Founded in 2015, Alchemy-ABR is a real estate development, purchase and management company.
In October, the firm scored a Miami city board’s approval for a planned 12-story, 178-unit residential building at 18 Northwest 23rd Street in Wynwood. Alchemy-ABR had paid $18 million for the development site in 2022.
Alchemy-ABR is led by Joel Breitkopf, Brian Ray and Kenneth Horn.
The 700-acre Park at Broken Sound consists of office, retail, entertainment and residential real estate. The mixed-use project was originally developed in the 1970s as the Arvida Park of Commerce with only office buildings. The development was rebranded in 2015.
South Florida’s office market took a hit last year, with investment sales dropping due to higher interest rates and fewer leases, as inflation strained tenants’ budgets.
Several buildings did sell in December, as investors usually rush to close deals before year-end. Tricera Capital, led by Ben Mandell, and its partners paid $28.5 million for The Offices at Doral Square building at 8600 Northwest 36th Street in Doral. Also, homebuilder Lennar bought its headquarters building at 5505 Blue Lagoon Drive near Miami International Airport for $68 million.