A Canadian investment firm bought an office building in Boca Raton for $20.6 million.
Ontario-based Axia GeoCapital, led by Nickolas Georghiades, bought the seven-story One Park Place office building at 621 Northwest 53rd Street and adjacent garage at 601 Northwest 53rd Street at the Park at Broken Sound, according to records. The buyer borrowed $16.3 million for the purchase from New Wave Loans and Rivo Alto Partners, both based in North Miami Beach.
The selling entity ties to Naomi Azrieli of Montreal-based Azrieli Foundation.
Completed in 1985, the office building spans 241,100 square feet on a 3.2-acre site, property records show. The five-story garage is on a 3.3-acre site.
More than half of One Park Place is vacant. LoopNet shows 128,500 square feet of space is available, or 53 percent of the 241,100-square-foot building.
Tenants include Brener Private Investigation Group, the Social Security Administration, Xpress Rendering animation studio and Tanner Real Estate.
The property last traded in 1990 for $8.5 million, according to records.
South Florida’s office market has slowed over the past year, after booming in 2021 and 2022 due to an influx of out-of-state firms. Elevated interest rates and retrenching lenders have led to a drop in investment sales. Some suburban landlords also are experiencing a decrease in occupancy.
Last month, Jorge Linkewer, principal at Aventura-based Triarch Capital Group, as well as Sarah and Sergio Selcer, bought the Airport Commerce Park at 4101 Ravenswood Road in Dania Beach for $18.3 million.
Some properties have traded at a discount. In September, Galium Capital bought Lake Shore Plaza II at 1300 Concord Terrace in Sunrise for $17 million, roughly half its purchase price about a decade ago.
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