Marcus & Millichap Arrange JV for Boca Raton Office Sale
- Sep 13, 2016
By Robert Demeter
Miami—Marcus & Millichap facilitated a joint venture management restructure for Sabre Centre I, a 102,351-square-foot office building located in Boca Raton, Fla. Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) Senior Director Douglas Mandel, along with National Office and Industrial Properties Group Associate Timothy Thomas led the negotiations.
“Sabre Centre I provided G&C Sabre Investors LLC with the opportunity to partner on a value-add trophy office asset in one of the region’s most highly sought-after submarkets.” said Mandel in a prepared statement.
The office asset is located at 5901 Broken Sound Parkway, within the Park at Broken Sound office complex. Twin buildings Sabre Centre I and Sabre Centre II and total 206,000 square feet and were the former headquarters of Siemens Corp. Sabre Center I was built in 1986 and sits on about six acres of land. It was about 60 percent leased at the time of the sale, with tenants from various industries such as financial services and sports nutrition.
The property’s location, just north of Yamato Road and less than 2 miles from Interstate 95, is surrounded by multifamily and retail developments that are transforming the Park at Broken Sound into a live-work-play community. The Park contains 5.2 million square feet of office space spread across 700 acres of open green space with walking trails, lakes and waterways.
Mandel and Thomas represented both parties in the JV. Grover & Corlew is the new managing partner for the property, according to Yardi Matrix. The deal was finalized August 15th.
Photo courtesy of Marcus & Millichap