{"id":1004152359,"date":"2016-09-13T07:33:14","date_gmt":"2016-09-13T15:33:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004152359"},"modified":"2022-03-03T13:10:15","modified_gmt":"2022-03-03T21:10:15","slug":"marcus-millichap-arrange-jv-for-boca-raton-office-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-arrange-jv-for-boca-raton-office-sale\/","title":{"rendered":"Marcus &amp; Millichap Arrange JV for Boca Raton Office Sale"},"content":{"rendered":"<p><em>By Robert Demeter<\/em><\/p>\n<div id=\"attachment_1004152363\" style=\"width: 352px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1473725971_sabre.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004152363\" data-attachment-id=\"1004152363\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-arrange-jv-for-boca-raton-office-sale\/1473725971_sabre\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1473725971_sabre.jpg\" data-orig-size=\"500,281\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Sabre Centre I\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Sabre Centre I&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1473725971_sabre.jpg?w=500\" class=\"wp-image-1004152363 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1473725971_sabre.jpg\" alt=\"Sabre Centre I\" width=\"342\" height=\"192\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1473725971_sabre.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1473725971_sabre.jpg?resize=300,169 300w\" sizes=\"auto, (max-width: 342px) 100vw, 342px\" \/><\/a><p id=\"caption-attachment-1004152363\" class=\"wp-caption-text\">Sabre Centre I<\/p><\/div>\n<p><strong>Miami<\/strong>\u2014<a href=\"https:\/\/www.marcusmillichap.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Marcus &amp; Millichap<\/a> facilitated a joint venture management restructure for Sabre Centre I, a 102,351-square-foot office building located in Boca Raton, Fla. Marcus &amp; Millichap Senior Vice President and Institutional Property Advisors (IPA) Senior Director Douglas Mandel, along with National Office and Industrial Properties Group Associate Timothy Thomas led the negotiations.<\/p>\n<p>\u201cSabre Centre I provided G&amp;C Sabre Investors LLC with the opportunity to partner on a value-add trophy office asset in one of the region\u2019s most highly sought-after submarkets.\u201d said Mandel in a prepared statement.<\/p>\n<p>The office asset is located at 5901 Broken Sound Parkway, within the Park at Broken Sound office complex. Twin buildings Sabre Centre I and Sabre Centre II and total 206,000 square feet and were the former headquarters of Siemens Corp. Sabre Center I was built in 1986 and sits on about six acres of land. It was about 60 percent leased at the time of the sale, with tenants from various industries such as financial services and sports nutrition.<\/p>\n<p>The property\u2019s location, just north of Yamato Road and less than 2 miles from Interstate 95, is surrounded by multifamily and retail developments that are transforming the Park at Broken Sound into a live-work-play community. The Park contains 5.2 million square feet of office space spread across 700 acres of open green space with walking trails, lakes and waterways.<\/p>\n<p>Mandel and Thomas represented both parties in the JV. Grover &amp; Corlew is the new managing partner for the property, according to <a href=\"https:\/\/www.yardimatrix.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Yardi Matrix<\/a>. The deal was finalized August 15th.<\/p>\n<p><em>Photo courtesy of Marcus &amp; Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm facilitated the sale of Sabre Center I, the former headquarters of Siemens Corp. located within the Park at Broken Sound office complex.<\/p>\n","protected":false},"author":59,"featured_media":1004152363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1492,21742,21747],"tags":[],"class_list":["post-1004152359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-miami","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Marcus &amp; Millichap Arrange JV for Boca Raton Office Sale - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-arrange-jv-for-boca-raton-office-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marcus &amp; 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