The Real Deal Miami

Delray Beach office building sells for $20.1M

Building has been sold five times since 1982

April 02, 2015 09:45AM
By Sean Stewart-Muniz

  • Print
Mark Corlew and Anuj Grover of Grover & Corlew

Mark Corlew and Anuj Grover of Grover & Corlew

A Delray Beach office building was just picked up for $20.1 million — roughly $16 million more than it was last sold for just four years ago.

The building, at 1625 South Congress Avenue, was purchased by property management company Grover & Corlew.

Mark Corlew, a principal with the company, told The Real Deal that the firm is planning to spend $500,000 to $1 million on renovations for the building. Then, the company is looking at long-term ownership while the building appreciates in value.

This is the latest purchase in a series of office buys from Grover & Corlew, which spent roughly $50 million on five commercial properties since December.

Corlew told TRD that the firm sold all of its 2,200 residential units in Tampa and Nashville and is moving that money into buying office properties in South Florida.

“We really like the market right now,” he said.

The firm took out a $17.2 million mortgage for the property from New York-based lender RAIT Financial Trust, according to Palm Beach County property records.

The 80,580-square-foot building has been sold five times since it was built in 1982 — the highest price was $35 million in 1991, according to county property records.

The biggest price difference was when it sold in 2011 for $4 million, compared to the 2001 sale price of $27 million.