On behalf of ownership, the Colliers | South Florida Investment Services Team, as the exclusive agent, is pleased to present for sale the Paragon Business Center (the “Property”), a ±85,610 square foot flex building located at 951 NW Broken Sound Parkway in Boca Raton, FL. Built in 1986 and impeccably maintained, the Property sits on ±8.74 acres of land strategically located in the prestigious Park at Broken Sound.
The single-story Property is maintained to institutional standards and features store front entrances with zero loss factor, covered parking, two loading bays, and individual and monument signage. The strategic location provides free shuttle service from the Tri-Rail, and is proximate to numerous shopping centers, hotels, restaurants, and other amenities.
Currently 93.6% leased, the Property offers upside potential by bringing the current rent roll to market rates (in-place base rents are 15-20% below market) while providing robust in-place cash flows. The current rent roll features a strong tenant mix of national tenants including Toll Brothers, US Installation Group, and CSPI Technology Solutions (Modcomp) with a Weighted Average Lease Term (WALT) of over 5.5 years.
Boca Raton’s recent establishment of procedures and regulations for the development of multifamily projects within the LIRP zoning districts (Commercial Industrial Multifamily Developments or “CIMD”) make this nearly nine-acre site an excellent candidate for future redevelopment.
???????Tenant and visitor convenience is supported by ample parking and immediate access to I-95, positioning Paragon Business Center as a highly accessible and attractive office destination in Boca Raton’s competitive market. The Property presents a unique opportunity for investors looking for robust cash flow with significant upside and a highly sought after location within the Park at Broken Sound.