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.
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