A team of property owners have purchased security systems company ADT’s Boca Raton headquarters.
Florida-based PEBB Enterprises and Illinois-based Tortoise Properties paid $42 million for the property, which spans more than 171,000 square feet and has a cafeteria, skylit atrium and gym. The 10-acre parcel at 1501 Yamato Road also has golf course views.
Cushman & Wakefield negotiated the sale and financing of the property, which was owned by Philadelphia-based RAIT Financial Trust. The building was developed in 1983, and ADT took occupancy in 2011.
The building is within The Park at Broken Sound, a business park built in 1978 that once housed IBM and hundreds of other companies. City officials wanted to make the business park more diverse and keep employees from leaving Boca Raton, so it was rezoned in 2012 to allow residential and retail.
Now, 1,300 rental apartments units are under construction, and another 1,100 residential units are in some stage of planning, said Scott O’Donnell, executive director of at Cushman & Wakefield.
“Investors are taking notice and buying into the excitement,” O’Donnell said.
Source: Sun Sentinel