{"id":1004757076,"date":"2025-05-07T04:21:38","date_gmt":"2025-05-07T12:21:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004757076"},"modified":"2025-05-07T04:21:39","modified_gmt":"2025-05-07T12:21:39","slug":"grover-corlew-lands-48m-refi-for-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/grover-corlew-lands-48m-refi-for-office-campus\/","title":{"rendered":"Grover Corlew Lands $48M Refi for Office Campus"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a3ec72350172&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1121\" height=\"841\" data-attachment-id=\"1004757081\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/grover-corlew-lands-48m-refi-for-office-campus\/palmetto-central\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Palmetto-Central.png\" data-orig-size=\"1121,841\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Palmetto Central\" data-image-description=\"&lt;p&gt;Exterior shot of Palmetto Central, an office campus in Boca Raton, Fla.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Palmetto Central comprises two renovated buildings rising four and five stories. Image courtesy of Grover Corlew&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Palmetto-Central.png?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Palmetto-Central.png\" alt=\"Exterior shot of Palmetto Central, an office campus in Boca Raton, Fla.\" class=\"wp-image-1004757081\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Palmetto-Central.png 1121w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Palmetto-Central.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Palmetto-Central.png?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Palmetto-Central.png?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1121px) 100vw, 1121px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Palmetto Central comprises two renovated buildings rising four and five stories. <em>Image courtesy of Grover Corlew<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Grover Corlew has obtained $47.5 million for the refinancing of Palmetto Central, a two-building, 170,000-square-foot office campus in Boca Raton, Fla. City National Bank of Florida provided the loan.<\/p>\n\n\n\n<p>Previous financing included an almost $22 million loan originated by Wells Fargo Bank in July 2023, according to CommercialEdge. The ownership also completed a more than $60 million capital improvement plan.<\/p>\n\n\n\n<p>Located at 1489 and 1499 W. Palmetto Park Road, the campus is close to Palmetto Park Square and Interstate 95. Downtown Boca Raton is less than 3 miles away, while Fort Lauderdale, Fla., is 21 miles away.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/office-investment-activity-picked-up-in-q1-2025\/\">2025 Office Investment Update<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Completed in 1979, renovations at the 1499 W. Palmetto Park Road included a new facade and lobby, as well as upgraded common areas and restrooms. Tenants at the four-story, 87,400-square-foot building include Hair Club, Gilbane Building Co., Texas Instruments, as well as the owner\u2019s headquarters. The low-rise is 91 percent leased.<\/p>\n\n\n\n<p>Built in 1992, the other building spans 83,000 square feet and features patio areas, custom-built office suites and fully renovated common areas. Tenants at the five-story property include Venture X and UHealth Boca Raton. The facility is 80 percent leased.<\/p>\n\n\n\n<p>Other shared amenities comprise a tenant lounge, fitness center, conference facility and outdoor seating area. The campus also has 12 EV charging stations and about 870 parking spaces.<\/p>\n\n\n\n<p>City National Bank of Florida Senior Vice President David Lukes handled the refinancing note.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-south-florida-s-office-market-recovery-signs\">South Florida&#8217;s office market recovery signs<\/h2>\n\n\n\n<p>As of March, the office vacancy rate in Miami clocked in at 15.5 percent, up 220 basis points over a 12-month period, but remained lower than the national 19.9 percent rate, according to a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/commercialedge-office-report-april-2025\/\">CommercialEdge report<\/a>. Nevertheless, Miami, together with New York City, continue to lead office recovery, showing improvement year-over-year, a Placer.ai report shows, as the <a href=\"https:\/\/www.commercialsearch.com\/news\/return-to-office-mandates-start-to-clock-in\/\">return-to-office mandates<\/a> start to clock in.<\/p>\n\n\n\n<p>Another recent refinancing deal closed recently in the metro as well, as The Green Cos. secured a 10-year, $51.5 million fixed-rate <a href=\"https:\/\/www.commercialsearch.com\/news\/miami-office-campus-lands-52m-refi\/\">loan from Goldman Sachs<\/a> for Dadeland Centre I and II, two office buildings located in Dadeland, Fla.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Boca Raton, Fla., property recently underwent renovations.<\/p>\n","protected":false},"author":3355,"featured_media":1004757081,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1492,21742,21747,32781],"tags":[52194,33302],"class_list":["post-1004757076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-miami","category-latest","category-office","category-southeast","tag-city-national-bank-of-florida","tag-grover-corlew"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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