BOCA RATON, Fla. (March 30, 2016) – Florida-based real estate investment management group Grover Corlew has purchased Interstate Plaza, an office building in Boca Raton, Fla., for $3 million.
Built in 1979, Interstate Plaza is an 87,146 square-foot office building that sits on 1.7 acres at 1499 West Palmetto Park Road.
“We have some work to do on this building but two attributes that appealed to us were the floor-to-ceiling windows and large parking garage,” said Partner Mark Corlew, whose company is focused on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. “We see Interstate Plaza as an under-utilized office building with tremendous potential. It’s in a prime location just off I-95 and minutes from downtown Boca Raton.”
Grover Corlew plans to spend in excess of $4 million on the property’s renovation, which will include the modernization of all mechanical systems, a complete lobby and common area renovation and significant investment in various tenant spaces.
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About Grover Corlew
Led by experienced real estate veterans who have worked together since 2002 and who have more than 40 years of combined industry experience, Grover Corlew is a real estate investment management group focused on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. Grover Corlew has offices in South Florida, Orlando and Atlanta and provides in-house asset management and property management services. The company is also an active developer with in-house development expertise as well as strategic relationships with tenants and local developers throughout the Southeast U.S.
