Grover Corlew Lands $48M Refi for Office Campus
Grover Corlew has obtained $47.5 million for the refinancing of Palmetto Central, a two-building, 170,000-square-foot office campus in Boca Raton, Fla. City National Bank of Florida provided the loan.
Previous financing included an almost $22 million loan originated by Wells Fargo Bank in July 2023, according to CommercialEdge. The ownership also completed a more than $60 million capital improvement plan.
Located at 1489 and 1499 W. Palmetto Park Road, the campus is close to Palmetto Park Square and Interstate 95. Downtown Boca Raton is less than 3 miles away, while Fort Lauderdale, Fla., is 21 miles away.
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Completed in 1979, renovations at the 1499 W. Palmetto Park Road included a new facade and lobby, as well as upgraded common areas and restrooms. Tenants at the four-story, 87,400-square-foot building include Hair Club, Gilbane Building Co., Texas Instruments, as well as the owner’s headquarters. The low-rise is 91 percent leased.
Built in 1992, the other building spans 83,000 square feet and features patio areas, custom-built office suites and fully renovated common areas. Tenants at the five-story property include Venture X and UHealth Boca Raton. The facility is 80 percent leased.
Other shared amenities comprise a tenant lounge, fitness center, conference facility and outdoor seating area. The campus also has 12 EV charging stations and about 870 parking spaces.
City National Bank of Florida Senior Vice President David Lukes handled the refinancing note.
South Florida’s office market recovery signs
As of March, the office vacancy rate in Miami clocked in at 15.5 percent, up 220 basis points over a 12-month period, but remained lower than the national 19.9 percent rate, according to a recent CommercialEdge report. Nevertheless, Miami, together with New York City, continue to lead office recovery, showing improvement year-over-year, a Placer.ai report shows, as the return-to-office mandates start to clock in.
Another recent refinancing deal closed recently in the metro as well, as The Green Cos. secured a 10-year, $51.5 million fixed-rate loan from Goldman Sachs for Dadeland Centre I and II, two office buildings located in Dadeland, Fla.
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