Sanctuary Centre Sells Out

With six office condominium sales in recent weeks, the Sanctuary Centre in Boca Raton has sold out of all of its developer-owned space.
Compass iTech, a technology company, and NuMedCare LLC, a national management and consulting firm for pharmacies and physicians, are among the firms buying space at the 180,442-square-foot complex at Federal Highway and Yamato Road.
In 2007, a company led by George Sacks bought the 80,000 square feet that remained unsold. Sacks’ Commercial Florida Realty Services handled sales at the center.
The Sanctuary Centre condos — roughly 1,400 to 7,000 square feet — ranged in price from about $96,000 to $750,000.
In recent weeks, some units fetched 35 percent to 40 percent more than those that sold in the past six months, Sacks said.
During the recession, Sacks said he and his firm used attractive leasing terms to find tenants. When demand in the area picked up, they changed to more of a sales focus.
The brisk activity at Sanctuary Centre is indicative of a strengthening commercial real estate market in Palm Beach and Broward counties, Sacks said. “It was a long cycle of false starts, but now we are seeing some good positive indications,” he said.
Jonathan Kingsley, of Jones Lang LaSalle, said rent growth, building sales and commercial property values are improving across Palm Beach and Broward.
“The theme seems to be that we are past the recovery and are now moving on to the next phase of growth,” he said.
 
Source:  Sun-Sentinel