MIAMI—Boca Raton's office space inventory is seeing stronger absorption—and prices are rising. With that, the Sanctuary Center reports a sell out of its office condos.

The 180,442-square-foot office building closed six office condo sales in recent weeks, completing the sell-out of all developer-owned space in the class A complex. Commercial Florida Realty Services managing principal George Sacks, whose firm brokered the transactions, says the sell out is  proof that perseverance and focus can pay off during a long, tough recession.

"Boca's office market took years to stabilize, but we've seen it begin to turn upward in just the last few weeks," says Sacks. "Sanctuary Centre's office condo sale prices have jumped, and resale units being placed on the market are priced 30% to 50% higher than the sale prices of even our most recently closed units."

Among those buying the last developer-owned space were: NuMedCare, a national management and consulting firm for pharmacies and physicians, which purchased two office condo units totaling 4,679 square feet, plus a 6,342 square-foot resale space. Compass iTech, a technology company that has introduced the financial industry's first automated institutional investment database management solution, bought a 3,782-square-foot office condo. The firm will move in this month. Finally, Sanctuary Medical Aesthetic Center expanded its existing 14,944 square feet of office space at Sanctuary Centre by acquiring an additional 3,278 square feet.

The five-building office center at North Federal Highway and Yamato Road was built in the mid-1980s and converted to office condos in late 2005 under the former owner. Sacks, who is also principal of GS Sanctuary Financial Investors, purchased the 80,000 square feet that remained unsold in 2007 before east Boca Raton's office inventory fell victim to the economic downturn and zoning changes.  

"As the market's dry spell began, we knew we had a high-value asset in a prime Federal Highway location," Sacks says. "But we soon recognized that keeping it from becoming a distressed property would take concentrated hands-on effort and intensive marketing."

Moving Commercial Florida Realty Services into the complex in 2009, Sacks and his team kept Sanctuary Centre thriving through a flexible approach. When zoning changes shifted demand to Boca's northwest section, they converted remaining space to a lease program. As interest in the Federal Highway corridor showed signs of reviving, they switched to a sales-focused campaign.

"I think many recent buyers saw Sanctuary Centre as a value play and recognized that the window is closing fast on attractive real estate investments and opportunities to control and lock in occupancy costs," says Sacks. "Also, SBA financing—and even conventional financing interest rates—are still appealing."

Since opening at Sanctuary Centre in 2000, Sanctuary Plastic Surgery has grown, adding its affiliate Sanctuary Medical Aesthetic Center in 2008. "The location close to I-95 is easily accessible for our patients, and we appreciate Sanctuary Centre's amenities and well-maintained surroundings," says Cindyann Senkier, the company's regional COO. "In 2013, we decided to add space knowing it would be a great investment and would continue the growth of our medical practice services. Our office's prime location has made Sanctuary Plastic Surgery and Sanctuary Medical Aesthetic Center the number one destination for total body rejuvenation."