Meyers Accesso Buys Boca Office Building
By Julia Echikson December 31, 2023 9:01 pm
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Meyers Accesso bought an office building within The Park at Broken Sound, a mixed-use development in Boca Raton, Fla., for $25 million, according to the sellers, Alchemy-ABR Investment Partners and Breakers Capital Partners.
Called The Atrium at Broken Sound, the 100,000-square-foot office building sits on 10.5 acres at 6111 Broken Sound Parkway NW, just south of The Park at Broken Sound’s country club, which houses a championship golf course, and the Office Depot headquarters.
The three-story building is 74 percent leased to tenants that include law firm Sachs Sax Caplan, managed care service provider Genex Services and office technology provider TGI Office Automation, according to a representative for Meyers Accesso. Retailer Marshalls is also a corporate tenant.
The sellers had purchased the building, which was completed in 1986, for $22.4 million in 2018, property records show.
The joint venture made a variety of capital improvements in the intervening years: It updated the building facade, added a conference facility, renovated the common areas and stairwells, modernized the elevators, and overhauled the generators, HVAC system, skylights, and access control.
Meyers Accesso intends to further improve the property, though a representative has yet to provide details.
“Boca Raton, and more broadly South Florida, has surged in popularity over the past two years,” Stuart Meyers, co-chairman and co-CEO of Meyers Accesso, said in a statement. “Boca’s vibrancy and laid-back atmosphere is bound to continue to attract workers from all walks of life, making The Atrium an ideal location for enterprises to call home.”
The purchase appears to be the first office acquisition for Meyers Accesso, a joint venture between Meyers Group and Accesso Partners. The duo has previously focused on multifamily development. In August, it secured a $38 million construction loan for a 200-unit multifamily development in Lake Worth.
Julia Echikson can be reached at jechikson@commercialobserver.com.
