BOCA RATON, Fla. – Real estate investment group Grover Corlew has sold Sabre Centre I in Boca Raton, Florida for $29.1 million to Brookwood Financial Partners. Grover Corlew purchased the property in 2016 for $14.5 million.
“This sale not only highlights our success in turning older South Florida office buildings into desirable and modernized workspaces, but it also indicates that the office market continues to hold strong despite ongoing pandemic uncertainties,” said Partner Mark Corlew.
Following the company’s purchase of Sabre Centre I, Grover Corlew invested significantly in common area upgrades to the 102,351-sq.-ft., six-story, Class-A office building located at 5901 Broken Sound Parkway within the Park at Broken Sound.
The building sits on six acres with golf course and lake views and an abundance of free surface parking. Built in 1986, Sabre Centre I is ideally situated in a highly desirable residential, business and technology corridor and is strategically located just off I-95 and Yamato Road within Palm Beach County’s best-known business park.
“With the upgrades we’ve completed on the property and its prime upscale location, Sabre Centre I is now one of the most coveted office buildings in the north Boca Raton market,” added Partner Anuj Grover. “The building has quality, long-term tenants in place, which was an important selling point for the buyer.”
Sabre Centre I serves as the headquarters of Gift of Life, a bone marrow and stem cell registry, and other tenants from various industries including financial services and sports nutrition. Several tenant improvements were completed during Grover Corlew’s ownership, including the offices for Education Dynamics, Gift of Life and Northwest Companies.
At the time of sale, Sabre Centre was 94 percent leased, which is a 34 percent increase in occupancy since Grover Corlew originally purchased the building.
Grover Corlew was represented by Douglas Mandel, Jonathan More and Tyler S. Kuhlman of Marcus & Millichap’s Institutional Property Advisors division.
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About Grover Corlew
Led by experienced real estate veterans who have worked together since 2002 and who have more than 40 years of combined industry experience, Grover Corlew is a real estate investment management group focused on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. Grover Corlew serves as the asset management team for a portfolio of more than $250 million with principals Anuj Grover and Mark Corlew investing significant personal funds in every asset and providing daily hands-on asset management expertise. Grover Corlew also has comprehensively managed and operated well over one million square feet of office, retail and medical office buildings and managed thousands of apartment homes across multiple states. In addition to day-to-day management and operational services, Grover Corlew provides in-house, full service construction management and knowledgeable tenant improvement project management.