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Office Complex On Las Olas Boulevard Sells For $144.5M

March 20, 2022/in Done Deals, News/by SFOBA STAFF

The seller, a joint venture, purchased the property and excess development land in 2016 for $90 million and executed an extensive redevelopment and re-tenanting of this iconic Ft. Lauderdale asset. CLICK ON THE HEADLINE FOR MORE

Grover Corlew Acquires Downtown Boca Office Building

March 13, 2022/in Done Deals, News/by SFOBA STAFF

Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, Grover Corlew plans to invest in the building with upgrades to tenant space, common areas, landscaping and the façade. CLICK ON THE HEADLINE FOR MORE

Office Complex On Las Olas Boulevard Sells For $144.5M

March 20, 2022/in Done Deals, News/by SFOBA STAFF

Grover Corlew Acquires Downtown Boca Office Building

March 13, 2022/in Done Deals, News/by SFOBA STAFF

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Office Complex On Las Olas Boulevard Sells For $144.5M

March 20, 2022/in Done Deals, News/by SFOBA STAFF

CBRE has facilitated the sale of Las Olas Square on behalf of a joint venture between funds managed by Apollo Global Management, SQUARE2 Capital, and Steelbridge Capital.

Las Olas Square is a two-building, 267,000-square-foot mixed-use property located on a full city block at the Main & Main intersection of the Las Olas office and retail district in Downtown Fort Lauderdale.

The joint venture purchased the property and excess development land in 2016 for $90 million and executed an extensive redevelopment and re-tenanting of this iconic Ft. Lauderdale asset whose tenants includes Truist Bank, Spaces, and Del Frisco’s Grill. It also had previously sold the excess development land to a national developer for $20 million, who is currently building a 50-story residential tower on the site.

The sellers were exclusively represented by Christian Lee and Andrew Chilgren with CBRE Capital Markets. Amy Julian with CBRE Debt & Structured Finance arranged financing on behalf of the buyer, a joint venture between CP Group and Related Fund Management. A fund managed by Alliance Bernstein provided the floating rate loan.

Las Olas Square includes a 17-story office tower located at 515 E. Las Olas Blvd. (515 Building), a three-story building located at 501 E. Las Olas Blvd. (501 Building), and an attached four-story parking structure. It is 88 percent leased to 17 tenants across a variety of industries, including banking, legal services, real estate, accounting, and financial services.

“The sellers returned the property to its rightful, iconic state through a multimillion-dollar, transformative renovation that activated the entire 500 block of Las Olas Boulevard. In conjunction with interior building enhancements, the addition of an outdoor tenant plaza has drastically improved the property’s curb appeal and desirability, which has attracted a high-quality and diversified tenant roster,” said Lee, CBRE Vice Chairman.

Grover Corlew Acquires Downtown Boca Office Building

March 13, 2022/in Done Deals, News/by SFOBA STAFF

The South Florida-based real estate investment management group, Grover Corlew, has acquired Palmetto Park City Center, a 66,606-square-foot office building in downtown Boca Raton for $25.2 million.

Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, Grover Corlew plans to invest in Palmetto Park City Center with upgrades to tenant space, common areas, landscaping and the façade.

Located at 120 East Palmetto Park Road, Palmetto Park City Center is a five-story, Class A office building that sits adjacent to the 109,497-sq.-ft. Bank of America Tower, purchased by Grover Corlew in July 2021.

Less than a year after acquiring the eight-story Bank of America Tower, Grover Corlew has already made major strides toward revitalizing the property. During that time, both tenant occupancy levels and rental rates have risen by 30%. A high-end and well-known restaurant has also signed a 7,800-square-foot lease and will open on the ground floor later this year. Plans are also underway for substantial renovations and development of the Bank of America Tower, which will 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,” said partner Mark 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.”

Originally 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 within close proximity 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 also in close proximity to Boca Raton and Fort Lauderdale executive airports.

The Cushman & Wakefield Capital Markets team led by Dominic Montazemi and Scott O’Donnell brokered the transaction, and financing was provided by Wells Fargo facilitated by Patrick Ramge.

“Because of their recent purchase of the adjacent building, Grover Corlew was uniquely positioned to benefit from scale and synergy that buying 120 E. Palmetto Park provides,” said Dominic Montazemi of Cushman & Wakefield.

In November 2021, Grover Corlew sold Sabre Centre I, a Class A office building also located in Boca Raton, after investing significantly in common area and tenant upgrades while re-tenanting the building in its entirety. The building received considerable attention when Gift of Life, a bone marrow and stem cell registry, moved its corporate headquarters there.

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,” noted partner Anuj Grover. “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.”

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Grover Corlew Acquires Downtown Boca Office Building

Grover Corlew Acquires Downtown Boca Office Building

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Grover Corlew Acquires Downtown Boca Office Building

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