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Cushman & Wakefield Arranges $29.7M Refinancing Loan For Delray Central Office Portfolio

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Cushman & Wakefield arranged a $29.7 million refinancing loan on behalf of G&C Arbors Investors, LLC, an affiliate of South Florida-based real estate investment management group Grover Corlew. The loan is for Delray Central, a 175,965-square-foot, two-building office portfolio on more than 12 acres.

Jason Hochman and Ron Granite of Cushman & Wakefield’s Equity, Debt & Structured Finance team secured the loan through Ameris Bank.

“Grover Corlew is a leading developer and operator in South Florida with proven success across multiple office properties in the Palm Beach and northern Broward County markets,” said Hochman, Executive Director at Cushman & Wakefield. “Recognizing an experienced sponsor and the strong office market fundamentals, the lender offered a low rate and flexible terms to match the business plan.”

The Delray Central office portfolio consists of a 98,460-sf building spanning two stories at 1615 S Congress Ave. and a 77,505-sf building spanning four stories at 1625 S Congress Ave. Both buildings sit directly west of Interstate 95 at the southeast corner of Congress Avenue and Linton Boulevard. The office portfolio also includes floor plans ranging from 2,300 sf to more than 26,000 sf to accommodate diverse tenant profiles, a robust of 4.6 per 1,000-sf parking ratio and access to Delray Beach’s world-class amenities.

“We applaud the Cushman & Wakefield team for working diligently to finalize this refinance, especially given today’s challenging financing market,” said Mark Corlew, Partner at Grover Corlew. “With a growing portfolio valued at more than $1 billion, we’ve effectively acquired, transformed, and managed suburban office properties across South Florida and we look forward to further enhancing our Delray Central office portfolio to attract new businesses to the area.”

G&C Arbors Inventors, LLC will utilize the refinancing loan for future capital and leasing costs at Delray Central to further improve the property for its tenants. With some newly signed leases, the buildings will soon be stabilized, allowing the owner to enjoy property cash flows while the Congress Avenue corridor continues to evolve into a pedestrian-friendly area with new multifamily and retail projects.

Levy Realty Advisors, Cushman & Wakefield Arrange $482 PSF Sale Of Boutique Office Building

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Cushman & Wakefield has arranged the sale of Gardens Pointe, a boutique Class A office building totaling 34,867 square feet located in Palm Beach Gardens.

The final sale price was $16.8 million, or $482 per square foot.

Scott O’Donnell, Mike Ciadella, and Dominic Montazemi of Cushman & Wakefield represented the seller, Regency Gardens Pointe LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $9 million in acquisition financing through Principal Life on behalf of the buyer, Sunnyfield South LLC, which was represented by Alan Levy, President of Levy Realty Advisors.

“As South Florida continues to heat up, assets with long-term, credit-worthy tenants like Gardens Pointe are attracting record setting pricing,” O’Donnell said.

 

“Lenders continue to appreciate the Florida story, especially for generational assets such as this one,” Hochman added. “We were able to pair our client, an intelligent, long-term investor, with a fantastic lender for a low fixed-rate loan.”

Located at 3507 Kyoto Gardens Drive, Gardens Pointe includes lush landscaping and balconies with panoramic lake views and lakefront walking paths, as well as a boardwalk to Downtown Palm Beach Gardens which offers restaurants, retail and various entertainment options. The property was 95% leased to seven tenants including Merrill Lynch and KeyBank at the time of the sale.

 

Grover Corlew Purchases Downtown Boca Raton Office Tower In Off-Market Deal

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Grover Corlew, the real estate investment management group with a reputation for transforming many of South Florida’s iconic, yet outdated office buildings, purchased the 109,497-square-foot Bank of America Tower in downtown Boca Raton in an off-market transaction with plans to reinvest in the signature building and re-energize Boca Raton’s downtown.

Downtown Boca Raton is known for upscale restaurants, entertainment, shopping and lifestyle venues. Grover Corlew wants to leverage downtown Boca’s strengths to attract national, regional and local companies by creating a best-in-class office experience.

“The fact that we put this off-market deal together is a testament to our team’s aggressiveness, persistence and vision,” said Partner Mark Corlew. “This is an exciting time for Boca Raton and all of Palm Beach County with the influx of companies that are moving to our area. We believe there is an unmet demand in Boca Raton for modern, Class A office space supported by abundant amenities. We are entirely reimagining this property and plan to invest significant capital that will take advantage of its bullseye location and expansive Palmetto Park Road frontage.”

Located at 150 East Palmetto Park Road in downtown Boca Raton, Florida, the property was purchased by Grover Corlew for $44.6 million and sits at the intersection of East Palmetto Park Road and SE Mizner Boulevard. Positioned in the heart of Boca Raton’s central business district, the Bank of America Tower is located within less than a mile of the Boca Raton Resort & Club, which is currently undergoing a sweeping $150 million luxury renovation.  Additionally, the building is adjacent to Royal Palm Place and in walking distance to Mizner Park and the soon to be completed Brightline Station.

“Boca Raton has an abundance of luxury housing and is known for its highly rated schools. Having said that, the city needs additional modern, high-quality Class A office buildings,” added Partner Anuj Grover. “This purchase is a steppingstone in our commitment to this market. We want to be at the forefront of Boca’s resurgence, and to a greater extent, Palm Beach County. We are excited for the future.”

In addition to Bank of America, the Class A energy star certified building’s tenants include Charles Schwab and Waypoint Residential.

Originally built in 1970, the eight-story Bank of America Tower offers on site management and building engineer, WiFi access in the lobby, a conferencing facility and free surface and covered garage parking with roving security.

In addition to Fort Lauderdale International and Palm Beach International airports, the Bank of America Tower is also near Boca Raton and Fort Lauderdale executive airports.

The Cushman & Wakefield Capital Markets team led by Dominic Montazemi, Scott O’Donnell and Mike Davis brokered the transaction.  Jason Hochman and Ron Granite facilitated the financing through Wells Fargo Bank.

 

Cushman & Wakefield Hires Director

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Cushman & Wakefield has hired Ron Granite as a Director, joining the Equity, Debt and Structured Finance platform and as a member of the South Florida Office and Industrial Capital Markets team. His responsibilities will include business development and assisting clients in procuring debt and equity solutions across all commercial property groups. He will work out of the Boca Raton office.

“Ron is a seasoned professional with a proven track record and will add significant value on behalf of our clients by supporting crucial capital markets functions,” said Mark Pateman, Esq., Managing Principal of Cushman & Wakefield’s Palm Beach County offices.

Prior to joining Cushman & Wakefield, Granite was a Director at Eyzenberg & Company, where he originated debt and equity financing requests, and provided capital markets solutions to clients and advised on financing options per distinct investor strategies. Previously, he was a Portfolio Manager at IRC Retail Centers, Vice President of Portfolio Management at Rouse Properties, LLC, and Director of Portfolio Management at Brixmor Property Group.

“I am honored to join Cushman & Wakefield, a company I have respected for its national platform, top-tier client service and culture,” Granite said.

Granite is a member of ULI, NYPEN, NYU Alumni Association and the Stuyvesant Alumni Association (SHSAA).