Doubling down: Grover Corlew buys another office building in Boca Raton

Commercial real estate firm paid $25M for property in own backyard

Grover Corlew's Mark Corlew and Anuj Grover with 120 East Palmetto Park Road (Grover Corlew, LoopNet)
Grover Corlew's Mark Corlew and Anuj Grover with 120 East Palmetto Park Road (Grover Corlew, LoopNet)

Grover Corlew paid $25.2 million for a downtown Boca Raton office building adjacent to another commercial property the company acquired eight months ago.

The Boca Raton-based commercial real estate firm, led by Mark Corlew and Anuj Grover, bought Palmetto Park City Center at 120 East Palmetto Park Road, according to a press release. Completed in 1996, the five-story, 66-606-square-foot office building is 60 percent leased. Tenants include Truist and Fifth Third Bank.

The seller, Kireland Palmetto Park, managed by Aventura attorney Alex Kurkin, sold the property at a slight loss. It paid $25.7 million for it in 2015, records show.

A Cushman & Wakefield team led by Dominic Montazemi and Scott O’Donnell brokered the latest sale, the release states.

In a statement, Grover said Grover Corlew plans to reposition and rebrand Palmetto Park City Center as part of his firm’s strategic move to acquire well-situated commercial buildings in “under-realized areas of South Florida.”

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The property is next door to the eight-story, 109,497-square-foot Bank of America Tower that Grover Corlew bought for $44.6 million in July. Months later, the building’s occupancy levels and rental rates are up 30 percent, the release states. Grover Corlew also signed a lease with a restaurant operator for a 7,800-square-foot ground-floor space at Bank of America Tower that will open later this year.

Investor appetite remains ravenous in the Boca Raton office submarket with the Palmetto Park City Center buyer and seller cooking up some of the deals. In November, Grover Corlew sold Sabre Centre I, a Class A office building for $13.4 million to a joint venture between Sweden-based Index Investments and West Palm Beach-based Verdex Construction.

A month earlier, Irvine, California-based IRA Capital paid $16 million for a Boca Raton medical office building sold by Kireland West Glades Road Boca Raton, an entity also managed by Kurkin.

Boca Raton is also home to the biggest South Florida office deal of 2021. In December, New York-based DRA Advisors paid $320.2 million for The Boca Raton Innovation Campus.

More recent deals in Boca Raton include Brickstar Capital’s $12.6 million acquisition of office-and-retail complex Spanish River Plaza, and Royal Castle Companies’ $8.9 million purchase of two office buildings at Boca’s Park at Broken Sound.