Grover Corlew Buys Boutique Boca Office for $25M

reprints


Grover Corlew bought a boutique office building in Boca Raton, Fla. for $25.2 million, the investor announced. 

The five-story building, Palmetto Park City Center, is 60 percent occupied, said a Grover Corlew spokesperson. The firm plans to renovate tenant space, common areas, landscaping and facade.

SEE ALSO: Jeff Soffer’s Fontainebleau Dev Buys Out Oceanfront Condo in Tequesta

The 66,606-square-foot property, built in 1997, last traded for $25.6 million in 2015, according to property records.

The seller, Kireland Palmetto Park, LLC, in the latest transaction to Grover Corlew could not be reached for comment. Dominic Montazemi of Cushman & Wakefield represented the buyer.

Located at 120 E Palmetto Park Road, Palmetto Park City Center sits adjacent to the Bank of America Tower, a 109,497-square-foot office property that Grover Corlew bought for $44.6 million last year. 

“Our headquarters are here, and we’re raising our children here. We see these two properties as an ideal opportunity to invest in our hometown,” partner Mark Corlew said in a statement. 

In Boca Raton, Grover Corlew also owns an oceanfront, 87,146-square-foot office building at 1499 West Palmetto Park Road, for which it paid $9.5 million in 2016, per records. 

Most recently, Grover Corlew launched Mayla Residences, a 355-unit multifamily in Pompano Beach that broke ground last month. 

Julia Echikson can be reached at Jechikson@commercialobserver.com