ICM Sells Atrium at Broken Sound

(November 8, 2018) ICM is pleased to announce the successful sale of Atrium at Broken Sound (“Atrium”), a Class A office building located in Boca Raton, FL, within the greater Miami metropolitan area. The sale was completed on November 8, 2018.
 
The 97,584 sf office building was originally purchased by ICM in January 2016 in a widely marketed transaction, ICM was selected not as the highest bidder but on relationship and reputation. At acquisition, Atrium was 76.5% occupied with rents below market rates. Over the investment horizon, ICM invested $2.0 million into capital improvements and was able to increase property occupancy to 89.7% and property rents by 17.4% with 50% of the building leased to credit tenants in long-term leases. Having successfully executed on its value creation strategy, ICM determined it was appropriate to sell the property. Atrium was sold at a price within 2% of initial underwriting and two years ahead of initial projections. The proceeds of which will result in a strong return for ICM’s investors.