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the real estate investment management group with a reputation for transforming many of South Florida’s iconic, yet outdated office buildings, purchased the 109,497-square-foot Bank of America Tower in downtown Boca Raton in an off-market transaction with plans to reinvest in the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

 

Class A Office Building In Boca Fetches $99.5 Million

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KBS assisted in the acquisition of One Town Center, a 191,294 square-foot Class A office building in Boca Raton.

The property was acquired from a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co. for $99.5 million by Prime US REIT (PRIME), which trades on the Singapore Exchange Securities Trading Limits ticker as: OXMU. KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.

One Town Center is a Class A property consisting of a 10-story office building and an adjacent parking deck. CP Group has been retained as on-site property management.

“This is one of three acquisition for the portfolio since listing on the Singapore Exchange in 2019,” says Marc DeLuca, Eastern regional president for KBS. “Acquiring One Town Center marks another strategic investment into a prime location and a premier asset. At 95% occupancy, One Town Center is one of the most desirable office properties in the Boca Raton market with strong in-place cash flow and a diverse base of creditworthy tenants.”

Boca Raton is increasingly drawing in residents due to its proximity to Fort Lauderdale and West Palm Beach, appealing climate and lifestyle, lower taxes and relative affordability, added DeLuca.

“Palm Beach County has seen a higher-than-normal influx of new residents as a result of the pandemic, and Boca Raton has become one of the nation’s most attractive markets for wealthy decision makers,” said DeLuca. “Companies such as Elliott Management, Citadel and Moelis have been encouraged to open satellite offices in Florida or allow their employees to be based there, and office tenants are drawn to the Boca Raton West submarket for its high connectivity, surrounding residential areas and access to great talent.”

According to Newmark, leasing activity was up 29% from deals seen a year ago and South Florida’s unemployment rate fell to 6.3% during the first quarter of 2021, with Palm Beach County, where Boca Raton is located, remaining the lowest unemployment rate in the region at 4.5%.

Boca Raton’s office market also features significant barriers to entry with prohibitive construction costs and no buildings currently under construction.

As one of the premier office properties in Boca Raton, One Town Center is a 10-story building with an adjacent 435-space parking garage and 274 surface parking spaces, resulting in a parking ratio of 3.7 per 1,000 square feet. The property is well positioned in the Midtown Boca Raton corridor, close to upscale executive housing and 1.2 miles from I-95. The asset also features close proximity to Florida’s Turnpike, the Boca Raton Airport, executive country clubs and housing communities, hotels and retail and dining options.

“KBS worked with PRIME to acquire a top-quality, well-located asset in a growing submarket of one of the strongest regions in the country,” says Allen Aldridge, asset manager for One Town Center and senior vice president of KBS. “This acquisition, which is within a five-minute stroll of 2.1 million square feet of dining and retail options, is in the best location in Midtown Boca Raton. It gives us another opportunity to apply our hands-on management strategy to deliver best-in-class, well-amenitized office space and services that exceed tenants’ expectations.”

Built in 1991 by Thomas Crocker, One Town Center features one of the two tallest buildings in the market. The property offers a plethora of on-site amenities including a high-end café, a restaurant, a fitness center and upgraded landscaping. The building is also within walking distance of numerous dining, shopping, fitness, salon and hotel amenities, with additional amenities accessible within a short drive. One of the most notable walkable amenities is the Town Center at Boca Raton, South Florida’s third-largest mall.

KBS is planning to implement several upgrades to the property, including a lobby refresh, restroom renovations, front-entry enhancements, building out a management office, updating the fitness center and locker rooms, and bringing vacant suites up to spec suite condition.

Chris Lee, vice chairman and Jose Lobón, executive vice president of CBRE brokered the sales transaction.

“KBS once again leveraged its deep understanding of the market and relevant fundamentals to purchase one of the most sought-after high-quality office towers in the South Florida market,” says Lee.

Attorneys Bruce Fischer, Tatyana Litovsky, Chrisdo Fan and Howard Chu, and paralegal Amanda Kennedy,  of global law firm Greenberg Traurig, LLP’s Orange County office, attorney  Jody Saltzman in Greenberg Traurig’s New Jersey office, and attorney Steven Landy in Greenberg Traurig’s Miami office,  represented PRIME as legal counsel in the acquisition.

“We were very pleased to represent KBS in this significant strategic transaction on behalf of PRIME,” says Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County office, who led the Greenberg Traurig team and represented KBS.

One Town Center is located at One Town Center Road in Boca Raton.

 

JLL Tapped To Lease Miramar Mixed-Use Property

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JLL has been appointed to lease the mixed-use property Monarch Gardens situated in Miramar, one of Broward County’s most desirable suburban markets. The property underwent a significant renovation during the pandemic as many companies were working remotely and is now in a position to capture new office and retail leasing demand as South Florida experiences an accelerated recovery.

The JLL brokerage team of Katie Fernandez-Espinosa, Vice President of Retail Advisory Services, and Rafael Romero, Senior Vice President of Retail Advisory Services, will be spearheading the retail and office leasing at the property on behalf of the ownership group Dubner Properties. Property management and owner’s representative services are provided by Gibraltar Realty & Management, which also oversaw the property’s renovation.

Situated at 14429-14485 Miramar Parkway, Monarch Gardens underwent a $4 million renovation project led by construction firm Origin Construction, G3 Architecture Interiors Planning and engineering firm Kamm Consulting. The project’s upgrades include a complete renovation of the main lobby, common areas, and bathrooms, which include the installation of modern, touchless fixtures, the addition of three newly constructed spec office suites, as well as contributions to the buildouts of incoming tenants such as Strayer University and Spectrum Brands. Within the office tower, ownership also installed bipolar ionization systems intended to mitigate the spread of airborne pathogens such as the novel coronavirus. The property now boasts class A office space as a result of the investment made in the extensive renovation.

“Recognizing the value of this property and its unique potential as a boutique, low rise office building with ground floor retail, we made the decision to invest in upgrading the property during the pandemic, while many people were adhering to stay-at-home orders,” said Jonathan Calderon, Director at Gibraltar Realty & Management. “Using this time allowed us to enhance both the office and retail offerings. We are confident in the long-term success of Monarch Gardens as the demand for high-quality, less crowded commercial properties is expected to increase further, particularly in suburban markets.”

At a time when many companies are seeking more suburban office space options to place employees closer to home, restaurants and retailers are also recognizing the value of locations that cater to this growing demographic as more employers adopt hybrid workplace models.

Monarch Gardens features 54,000 square feet of office space and 41,000 square feet of retail space at the street level. The mixed-use property is home to a tenant roster that includes Dollar Tree, Strayer University, APX Engineering and Spectrum Brands. Office spaces are available between 2,700 to 7,500 square feet, perfectly suited for professional services companies that seek prime office space in a suburban location closer to established residential communities. The property also offers ample office parking with a ratio of five spaces per 1,000 square feet.

The retail component is comprised of 41,000 square feet with 13,000 square feet currently available for lease. Space options range from 1,200 to 10,000 square feet. The JLL leasing team is seeking complementary retail and restaurant concepts that would cater to the building’s workforce, such as cafes and restaurants serving breakfast and lunch menu options.

“As more people begin to return to an office setting and recalibrate their workplace strategies, suburban quality office and retail space is in high-demand and Monarch Gardens is well positioned to capture that interest from both businesses and retail and restaurant concepts,” said Fernandez-Espinosa.

 

Marcus & Millichap Arranges Sale Of Downtown West Palm Beach Office Building

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Marcus & Millichap announced the sale of The Galleria International, a 42,263-square-foot office property and adjacent 30,000 square-foot parking lot located at 301 Clematis Street and 300 Banyan Boulevard in West Palm Beach, according to Ryan Nee, First Vice President/District Manager of the firm’s Fort Lauderdale office.

The asset sold for $20,000,000.

“This transaction is indicative of the insatiable demand for high-quality assets and locations in downtown West Palm Beach primed for re-development and amplified by accelerated in-migration to the region partly as a result of newly formed trends brought on by the pandemic,” stated C. Todd Everett, First Vice President Investments, “Downtown West Palm Beach and Clematis Street are finally at the tipping point of critical mass needed to realize the City’s longtime vision of a 24-hour live, work, play environment.” Everett said.

Everett in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Galleria International, LLC and Safe Parking, LLC.  The buyer, Clematis Banyan Investors, a limited partnership, was secured and represented by Scott Geller, an investment specialist in Marcus & Millichap’s New Jersey office.

The Galleria International and 300 Banyan are located in the heart of historic downtown West Palm Beach.  The Property is a three-story building featuring prime high-street retail on the ground floor fronting both Clematis Street and Olive Avenue with professional offices on the second and third floors. The Buyer plans to gut renovate the interior and preserve the historic exterior of the existing building while creating a true Class “A” office experience with high ceilings and large windows. Plans for the parking lot include a 12-story, 100,000 square foot Class “A” office tower on top of structured parking.

 

Two-Building Boynton Beach Office Portfolio Sells

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Avison Young’s Florida Capital Markets Group negotiated the sales of two office buildings totaling 55,000 square feet in Boynton Beach. The assets sold in two separate transactions on behalf of the seller for a combined price of $9,150,000.

Representing the seller, TP Ten LLC, Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Gary Gottlieb, SIOR, RPA; Vice President Brian C. de la Fé; and Associate Berkley Bloodworth completed the transactions.

  • Congress Executive Center at 1301 N. Congress Avenue, a four-story, 40,226-square-foot professional and medical office building, sold for $6.3 million to Triple Double Investments, LLC, managed by Andrew Greenbaum.
  • Boynton Beach Promenade at 1101 N. Congress Avenue, a two-story, 15,302-square-foot office building, sold for $2.85 million to Siloam Holding Company managed by Dr. Gherghina.

Adjacent to the soon-to-be-redeveloped Boynton Beach Mall, the properties boast abundant parking, high walkability, and prominent visibility and access from Congress Avenue. The class B buildings were 50% occupied at the time of sale, and each buyer has associated businesses with plans to absorb significant portions of the vacancy.

“The demand for office properties is strengthening along with optimism regarding the COVID-19 vaccine, allowing more people to return to work safely,” said Duckworth. “Selling the assets along the highly-trafficked North Congress Avenue in two separate transactions allowed the seller to maximize the pricing.”

According to Avison Young research, first quarter 2021 posted Boynton Beach’s total office vacancy rate at 13.1%, which has remained steady throughout the pandemic. Leasing activity in 2021 is on track to outpace the previous year.

 

Mixed-Use Business Park In Boca Raton Trades For $18 Million

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Transwestern Real Estate Services (TRS) announces its Southeast Investment Sales team has brokered the sale of a 143,530-square-foot, two-building office property at 5600 Broken Sound Blvd. NW in Boca Raton.

Transwestern Senior Managing Directors John Bell and Kevin Markwordt arranged the disposition on behalf of the undisclosed seller.

“The highly configurable asset provides multiple occupancy scenarios, from a plug-and-play single tenant to a corporate headquarters to multi-user options,” said Bell.

The 12.24-acre property encompasses a one-story, 51,381-square-foot building and a three-story, 92,149-square-foot building connected by a corridor, with surface parking for convenient, direct access. The business hub, previously occupied by Canon, features a cafeteria, conference rooms, collaborative work areas, and an open-air courtyard.

Situated in the center of Boca Raton’s corporate and innovation district, the property offers high visibility from Broken Sound Boulevard with walkability to top shopping, dining and residential amenities plus access to Broken Sound Club, a championship golf course across the street. The office park provides free shuttle service to and from the TriRail commuter train, connecting riders to a swath of destinations across South Florida.

“Boca Raton is a growing base for innovation, research and technology, attracting corporate and large office tenants,” said Markwordt. “The property’s value-add potential coupled with the market’s lack of large blocks of office space made it a desirable investment for the buyer.”