GROVER CORLEW AFFILIATE REFINANCES SABRE CENTRE I
~Common area upgrades planned for Boca Raton property~
G&C Sabre Investors LLC, an affiliate of real estate investment group Grover Corlew, has refinanced Sabre Centre I in Boca Raton, Fla. for $12.3 million through lender RAIT Partnership, LP.
“We closed on the refinancing in connection with our August acquisition of Sabre Centre I, taking advantage of a favorable financing environment while rates are at historic lows,” said Partner Mark Corlew, whose group focuses on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. “With full floor availability overlooking the Park of Broken Sound golf course and potential signage opportunities, we were attracted to this high-end building that is surrounded by 700 acres of open green space with walking trails, lakes and waterways.”
Within the next year, G&C Sabre Investors LLC plans to spend more than $250,000 in common area upgrades at Sabre Centre I, a 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.
“The location and efficient spaces naturally lend themselves to corporate headquarters, technology companies, professional service firms and regional operation hubs that need to be strategically positioned to serve the tri-county area and draw from the abundant and highly skilled labor force living in Palm Beach and Broward counties,” said Darcie Lunsford, leasing agent to Sabre Center I. “Sabre Center I is already one of the top buildings in the north Boca Raton office market and the planned renovations will take it to the next level.”
G&C Sabre Investors LLC originally acquired Sabre Centre I for $14.5 million. The building is currently 77 percent leased with tenants from various industries such as financial services and sports nutrition.