Shapiro Blasi Real Estate Attorney Closes $10 Million Boca Raton Office Building Trade
Vaporizers and smoking accessories seller Warehouse Goods Inc. bought the building and will move its headquarters to the third floor.
October 23, 2018 at 11:35 AM
3 minute read
Attorney Linley Schatzman closed the $10 million sale of an office building in The Park at Broken Sound in Boca Raton.
Warehouse Goods Inc., a Boca Raton-based seller of vaporizers and smoking accessories, used a limited liability company to buy the 50,000-square-foot, three-story office building at 1095 NW Broken Sound Parkway from 1095 Center Realty Associates LLC. The deal closed Oct. 1.
Warehouse Goods is led by Aaron LoCascio, who also is the founder and CEO of vaporizers and smoking accessories seller Greenlane LLC. Warehouse Goods has acquired and created brands in the smoking accessories and vaporizers business, according to LoCascio's LinkedIn page.
Now, Warehouse Goods is moving its headquarters to the third floor of The Park at Broken Sound office building.
“They are just a thriving business, and they really needed a new building to fit all their employees and yet still possibly grow if they need to have more space for their employees,” said Schatzman, who represented Warehouse Goods in the deal and is a member of the real estate practice group at Shapiro, Blasi, Wasserman & Hermann in Boca Raton.
The Park at Broken Sound, previously called The Arvida Park of Commerce, is a 700-acre residential, office and retail planned community created with an eye toward being a live-work-play environment. It was developed in the 1970s and is located roughly from Clint Moore Road south to Yamato Road and from North Military Trail east toward Interstate 95, although the boundary doesn't extend to the interstate, according to The Park at Broken Sound website. Some of the residential developments there at the ALTIS Boca Raton and Allure by Windsor apartments.
“It's more of a work lifestyle office park because they have restaurants, they have retail, they even now have some multifamily residences in there,” Schatzman said.
For her, this deal posed a unique challenge.
The building was constructed on a half-acre lot but part of the structure encroached about 16 feet over the property line and onto the property of the neighbor to the east, Schatzman said.
“The biggest hurdle was that even though this went through a couple of owners before and lenders were involved, nobody seemed to notice that when the building was actually constructed they actually constructed it over the property line. I had to clean all that up,” she said.
How did she do it? She worked with the next-door property owner, 1075 NW Broken Sound Pkwy, and had it convey the encroaching portion of the property to the seller in this deal, 1095 Center Realty Associates. That way Warehouse Goods was getting ownership of the entire building, encroaching portion included.
The building, which also has 7,500 square feet of storage space, has five tenants aside from Warehouse Goods.
Some of the other office tenants are BMI Elite, a marketing and data solutions firm; 4Voice, which provides companies with phone services; and A Better Process Inc., a legal services firm that focuses on foreclosures and collections.
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