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Harbor Group Buys Crocker Park for $23 Mil

BOCA RATON, FL-The Norfolk, VA-based owner-operator of the Synergy-brand office parks acquires the five-building, 185,000-sf Sanctuary Centre Office Park from Crocker Realty Trust for $123.32 per sf. Boca Raton is 42 miles north of Miami.

By David R. Corder | Updated on June 13, 2001

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.

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