Grover Corlew Lands $30M South Florida Office Refi
The property recently underwent a series of renovations.
Grover Corlew has refinanced Hillsboro Center, a 223,716-square-foot office park in Deerfield Beach, Fla., with a $30 million loan from BankUnited Inc.
JLL Capital Markets arranged the two-year senior loan for Grover Corlew, which acquired the two-building office park in 2019 for $32.5 million from TriGate Capital, according to Yardi Matrix data.
The new loan refinances an $11.5 million note provided by BankUnited in March 2019, the same source shows. BankUnited also provided a $17.7 million loan in June 2015.
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Grover Corlew has invested $10 million over the past three years to renovate and reposition the asset. The office park has one six-story building at 600 W. Hillsboro Blvd. totaling roughly 116,250 square feet and one two-story building totaling about 99,850 square feet.
Capital improvements include a redesigned lobby at 600 W. Hillsboro, new spec suites, upgraded restrooms and corridors, a tenant lounge and fitness center. All five buildings in the office park were completed in the 1980s and underwent cosmetic renovations in 2018 and 2025.
The property also has an on-site parking garage with approximately 581 spaces at 600 W. Hillsboro and nearly 500 parking spaces at 700 W. Hillsboro. Grover Corlew plans to redevelop a portion of the site with a 360-unit multifamily community known as Maya Hillsboro.
TriGate Capital had previously owned the office campus since June 2015, when it acquired the property from Parkway Properties in a $22 million portfolio transaction, according to Yardi Matrix.
The JLL Capital Markets Debt Advisory team that arranged the financing was led by Senior Managing Director Paul Stasaitis and Director Paul Adams.
Diversified tenant roster
Hillsboro Center, which saw its occupancy drop to 62 percent leased during the pandemic, is 97 percent occupied with a diversified tenant roster comprising 43 tenants in 15 industries. Tenants at 600 W. Hillsboro include Osborn Engineering, Matrix Mediation, Diversified Cos., Wemlo and The Corradino Group, which inked a deal last year for 27,021 square feet.
Tenants at 700 W. Hillsboro include DNA Labs International, Smiles Dental, Landtec Surveying and Lien, Hurley Rogner Miller Cox, Callaway Marine and the Lemon Café.
Office campus near Boca Raton
Hillsboro Center is located just east of Interstate 95, providing access to Fort Lauderdale to the south and Boca Raton to the north, about a mile away.
Last year, Grover Corlew obtained a $47.5 million loan from City National Bank of Florida to refinance Palmetto Central, a two-building, 170,000-square-foot office campus in Boca Raton. The owner completed a more than $60 million capital improvement plan at Palmetto Central.
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