Grover Corlew purchases Boca offices for $9.5M

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
20200 West Dixie Highway, Miami with Harry Dornbusch and Dr. Joshua Lampert (Google Maps)

Aventura office condo owners allege construction defects at Beacon Tower

Aventura office condo owners allege construction defects at Beacon Tower
Commissioner Ricky Arriola (iStock)

Miami Beach asks for offers to develop lots near Lincoln Road

Miami Beach asks for offers to develop lots near Lincoln Road
Lexington Realty Trust's Wilson Eglin and 5600 Broken Sound Boulevard, Boca Raton (Google Maps)

HSBC to take over Boca Raton office building following foreclosure auction

HSBC to take over Boca Raton office building following foreclosure auction
Javier Lopez and 2525 Ponce de Leon Boulevard, Coral Gables (Credit: Google Maps)

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic
UDT CEO Henry Fleches and Midtown Capital CEO Alejandro Velez with 2900 Monarch Lakes Boulevard (Miramar Parks & Rec, Midtown Capital, Cushman & Wakefield)

Midtown Capital Partners buys Miramar office center for $23M

Midtown Capital Partners buys Miramar office center for $23M
Despite record high office vacancies across South Florida, average asking rates hit new highs

South Florida Q3 office rents hit record high, despite higher vacancies

South Florida Q3 office rents hit record high, despite higher vacancies
Tere Blanca and the Aventura office complex (Credit: Google Maps)

Aventura office complex Optima inks new leases

Aventura office complex Optima inks new leases
2290 and 2328 10th Avenue N, Lake Worth

Lake Worth Beach office buildings sell for $11M

Lake Worth Beach office buildings sell for $11M
arrow_forward_ios

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

Loading...