BOCA RATON (October 10) – Whelchel Partners Real Estate Services, a leading commercial brokerage firm focused on properties with significant upside, today announced that “The Siena” office building on Broken Sound Boulevard has sold for $10 million to Warehouse Goods.
The 50,000-square-foot building, at 1095 NW Broken Sound Blvd., is in The Park at Broken Sound, formally known as the Arvida Park of Commerce. Warehouse Goods plans to occupy the third floor as its headquarters.
Jay Whelchel, Principal of Whelchel Partners, represented seller, 1095 Center Realty Associates, in the transaction, which closed Oct. 2. The buyer did not have a broker.
Built in 2009, “The Siena” is the newest commercial office building developed in the business park. With Warehouse Goods taking 21,800 square feet of space, the building is at full occupancy.
“The property was positioned well for a part owner/user, part investor because the entire third floor was available,” said Jay Whelchel, Principal of Whelchel Partners Real Estate Services. “To everyone’s benefit, Warehouse Goods recognized a unique value proposition that would serve as a great hub for its Boca Raton operations.”
Jay Whelchel explained that the City’s “planned mobility” designation for the business park, which allowed for mixed-use development including residences, has spurred activity and higher valuations in the area.
“The Park at Broken Sound has undergone extensive mixed-use redevelopment due to the City of Boca Raton’s planned mobility overlay district, revitalizing this legacy IBM business park into a vibrant community,” Jay Whelchel said. “It is the premier live, work and play destination, enabling companies to capture the best and brightest talent.”
Glenn Gromann, a board member of the Park at Broken Sound Board and an asset manager for the seller noted, “It was a pleasure working with Jay Whelchel and the Whelchel team. Jay represented the seller’s interests flawlessly and he is a true professional. The sale of the Siena at Broken Sound speaks to the growing appreciation of property values in the area due to the City’s planned mobility district ordinance, which has brought high quality residential to the area and the business park.”
About Whelchel Partners Real Estate Services
Whelchel Partners Real Estate Services was co-founded by the brother and sister partnership of Jay Whelchel and Kristy Whelchel Hartofilis in the fall of 2010. Whelchel specializes in leasing, sales and other commercial real estate services. A healthy mix of cutting edge-technology, grass-roots prospecting, and in-depth research are key aspects to their marketing strategy, which has generated over one million square feet of commercial transaction activity across Palm Beach County.