Grover Corlew purchases Boca offices for $9.5M

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

TRD MIAMI /
Mar.March 08, 2016 11:15 AM

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.


Related Articles

arrow_forward_ios
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
NAI/Merin Hunter Codman Chairman Neil Merin and Golden Bear Plaza

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M
Anabella Smith, Louis Archambault, Scott Goldstein

“There’s a lot of concern about going back to an office”: how companies are returning to work in South Florida

“There’s a lot of concern about going back to an office”: how companies are returning to work in South Florida
Jeff Greene and a rendering of 550 North Quadrille Boulevard (Credit: Arquitectonica International via Facebook)

Billionaire Jeff Greene battles with WPB mayor over unfinished office building

Billionaire Jeff Greene battles with WPB mayor over unfinished office building
(Credit: iStock)

Here’s how South Florida’s office market is changing in the coronavirus era

Here’s how South Florida’s office market is changing in the coronavirus era
Richard Kayne, Founder and Co-Chairman of Kayne Anderson Capital Advisors, 5645 Military Trail Lake Worth Beach (Credit: Google Maps)

Kayne Anderson buys medical offices in Lake Worth Beach

Kayne Anderson buys medical offices in Lake Worth Beach
One Clearlake Centre, JLL Capital's Maxx Carney, Chris Drew and Ike Ojala

West Palm office tower scores $39M loan

West Palm office tower scores $39M loan
From left: David Weitz, Steve Wernick, Michael Lirtzman, Joe Furst, and Erik Rutter

Silicon Valley heads to Wynwood’s office market

Silicon Valley heads to Wynwood’s office market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...