The Real Deal Miami

Grover Corlew purchases Boca offices for $9.5M

Property traded for $3M less than last sale price in 2000

March 08, 2016 11:15AM
By Sean Stewart-Muniz

  • Print
The Interstate Plaza office building in Boca Raton

The Interstate Plaza office building in Boca Raton

Hot off the heels of its $12.5 million sale of the former Miami Herald building in Broward County, investment firm Grover Corlew has picked up a Boca Raton office plaza for $9.55 million.

The deal includes Boca Raton’s Interstate Plaza, an 87,146-square-foot office property located at 1499 West Palmetto Park Road. It was built in 1979 on 1.7 acres, and has been owned for the last 16 years by a company called 1499 Realty Corp.

The previous ownership consisted of Debora Schwartz, who lists the office building’s address as her own, and Barry Bailin of New Jersey. They paid $12.5 million, or about $143 per square foot for the plaza in 2000, according to Palm Beach County property records.

Grover Corlew, headed by investment veterans Anuj Grover and Mark Corlew, has now purchased the building for just under $110 per square foot. The pair financed their deal with a $9 million loan from Wells Fargo Bank, according to county property records.

According to a LoopNet listing for the property, rental rates at Interstate Plaza are typically $23.95 per square foot annually. About 22,000 square feet of space is still available for lease.

Grover Corlew trades and manages commercial properties primarily in the Southeastern United States. According to its website, its portfolio consists of 13 properties in that region — not including this most recent purchase.