Grover Corlew Acquires Palmetto Park City Center in Downtown Boca Raton for $25.2 Million

The transaction represents the fourth Boca Raton office building for the South Florida real estate investment group

Grover Corlew continued building its commercial real estate portfolio with the recent purchase of Palmetto Park City Center, a 66,606-square-foot property located at 120 East Palmetto Park Road. The five-story, Class A office building sits adjacent to the 109,497 square foot Bank of America Tower, which Grover Corlew purchased in July 2021. The investment group plans to upgrade the Palmetto Park City Center by enhancing tenant space, common areas, landscaping and the façade.

After acquiring the eight-story Bank of America Tower, Grover Corlew, tenant occupancy levels and rental rates have risen by 30%. A high-end and well-known restaurant has also signed a lease to occupy a 7,800-square foot space on the ground floor later this year. Other enhancements are underway, featuring renovations and development to take advantage of the building’s significant retail frontage along the burgeoning East Palmetto Park Road.

“We have been making continuous investments in Boca Raton since 2016 when we originally purchased 1499 West Palmetto Park Road and subsequently purchased the adjacent 1489 building,” Mark Corlew says, partner at Grover Corlew. “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.”

Built in 1996, Palmetto Park City Center is located in the heart of downtown Boca Raton, with direct access on Palmetto Park Rd and just east of US-I. The property is within walking distance of Mizner Park, is less than a mile from the Boca Raton Resort & Club, and is close to Royal Palm Place, countless restaurants and shops, and the soon-to-be-completed Brightline station. The building was awarded an Energy Star label in 2015 and features a renovated lobby, lush landscaping and ample covered and free surface parking. In addition to Fort Lauderdale International and Palm Beach International airports, Palmetto Park City Center is near Boca Raton and Fort Lauderdale executive airports.

Most recently, Grover Corlew launched Mayla Residences, a new ground-up multifamily brand and celebrated the groundbreaking of the 355-luxury residence, Mayla Pompano, located on East Atlantic Boulevard in Pompano Beach.

“This is a strategic move for us as we continue to set our sights on underrealized areas of South Florida,” Anuj Grover says, a partner with Grover Corlew. “This stretch of the East Palmetto Park corridor has tremendous long-term potential as a lifestyle-friendly location to do business. We look forward to repositioning and rebranding this exceptionally well-situated property.”

SFBW Staff
sfbw@lmgfl.com
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