Grover & Corlew Acquires 175-KSF Delray Beach Office Park
- Apr 14, 2015
The Arbors Office Park in Delray Beach was picked up recently by Grover & Corlew LLC for $20.15 million, according to a recent news release.
1615 Arbors North Associates LLC, and 1625 Arbors South Associates LLC, sold the two-building, 174,816-square-foot portfolio. CBRE spoke for the sellers in the transaction.
The property is located at South Congress Ave., a few minutes from the new owner’s Delray Beach headquarters. It benefits from good visibility from Interstate 95 and frontage on one of the area’s main traffic arteries. The office park is also close to redevelopment opportunities that include significant retail projects underway along Linton Boulevard and the prospect of mixed-use redevelopment along Congress Avenue. Amenities at the buildings include efficient floor plates that can accommodate a variety of tenant profiles and a number of high-end interior finishes such as polished marble tiles, full building-height atriums, and glass-walled balcony perches. The property has recently received approximately $480,000 worth of capital improvements.
Senior Vice President Scott O’Donnell of CBRE Investment Properties worked with CBRE’s Dominic Montazemi, Miguel Alcivar, Christian Lee, Jeffrey Kelly and Deborah Fink in marketing the property for sale. CBRE also originated a $17.2 million non-recourse bridge loan on behalf of the buyer from a mortgage REIT, the proceeds of which provided for the property’s acquisition along with additional funding for leasing and capital improvement costs. Jason Hochman, vice president of CBRE Debt & Structured Finance, collaborated with Charles Foschini and Chris Apone in securing the financing.
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