Grover Corlew invests in Boca


By: Jeff Perlman Editor in Chief
Grover Corlew, a real estate investment company that is playing a leader role in the rethinking of Congress Avenue in Delray Beach is also investing in the Boca market.
The firm recently purchased a Boca Raton office plaza for $9.55 million.
The deal includes Boca Raton’s Interstate Plaza, an 87,146-square-foot office property located at 1499 West Palmetto Park Road. It was built in 1979 on 1.7 acres, and has been owned for the last 16 years by a company called 1499 Realty Corp.
The property was bought in 2000 for $12.5 million or approximately $143 per square foot, according to Palm Beach County property records.
Grover Corlew bought the building for just under $110 a square foot.
According to a LoopNet listing for the property, rental rates at Interstate Plaza are typically $23.95 per square foot annually. About 22,000 square feet of space is still available for lease.
Grover Corlew trades and manages commercial properties primarily in the Southeastern United States. According to its website, its portfolio consists of 13 properties in that region — not including this most recent purchase.
The firm is led by veteran real industry professionals Anuj Grover and Mark Corlew.
The principals are key members of Delray’s Congress Avenue Task Force. Grover Corlew bought 220 Congress Park Drive and are working with a group to transform the 4.1 mile corridor into a mixed-use destination.
The firm has also invested in apartment communities and medical office complexes.