Oak Street pays $51M for Sensormatic’s Boca Raton HQ

The main tenant is Sensormatic Electronics Corp.

TRD MIAMI /
Jul.July 10, 2020 12:40 PM
6600 Congress Avenue, Marc Zahr and Jim Hennessy (Credit: Google Maps)

6600 Congress Avenue, Marc Zahr and Jim Hennessy (Credit: Google Maps)

A company tied to Oak Street Real Estate Capital bought Sensormatic’s headquarters facility at the Park at Broken Sound in Boca Raton for $51 million.

The Chicago-based private equity firm purchased the 244,232-square-foot building at 6600 Congress Avenue for $208 per square foot, records show. Sensormatic Electronics Corp., which is owned by Johnson Controls and is the main tenant, sold the commercial and industrial property.

Sensormatic Electronics provides data analytics and intelligence to retail companies, according to its website. It had bought the property for $3 million in 1992 and constructed the building in 1993, records show.

Oak Street Real Estate secured a $44.3 million loan from Renasant Bank to acquire the property, records show.

Oak Street Real Estate Capital is led by Marc Zahr and co-founder Jim Hennessy. The firm recently sold a Walgreens in Delray Beach for $8.1 million. Crain’s reported that the firm is seeking to buy companies and then allow the companies to lease their space back as a way for the companies to pay down their debt. The firm recently struck a $725 million deal in Ohio with Big Lots.


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