X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOCA RATON, FL-Harbor Group International has acquired the Sanctuary Centre Office Park from locally based Crocker Realty Trust in a deal valued at about $23 million or $123.32 per sf.

This is the latest transaction in a well-documented plan by the Boca Raton private real estate investment trust to divest a portion of its commercial real estate portfolio of about six million sf.

Although it plans to keep the name of the office park, the Norfolk, VA-based commercial real estate investment company intends to manage the five buildings and 185,000 sf of leaseable space at the Boca Raton site as one of its Synergy-brand office parks. Completed in 1986, the Sanctuary Centre has an estimated 88% occupancy.

Besides the new acquisition, the Harbor also owns and operates about 1.9 million sf of Synergy-brand office parks valued at about $650 million in Virginia, Texas, Tennessee and South Carolina. The Synergy brand offers tenants access to broadband Internet services and networking opportunities via the Web site www.synergyproperty.com.

“We have had a great deal of success with Synergy at our other business parks, and this piece of prime real estate will be no exception,” Jordan E. Slone, Harbor Group chairman and chief executive officer, says in a prepared statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.