Grover Corlew Acquires Property At 120 E Palmetto Park Rd Boca Raton For $25.2M

Palmetto Park City Center is a 66,606-square-foot office building located at 120 E Palmetto Park Rd, Boca Raton. It has been acquired for $25,200,000.00. The five-story, Class A office property is situated in downtown Boca Raton, offering direct access to Palmetto Park Rd and being in close proximity to the Boca Raton Resort & Club and various amenities. Originally built in 1996, the building features a renovated lobby, lush landscaping, and ample covered and free surface parking, and it was awarded an Energy Star label in 2015.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $25,200,000.00
• Buyer: Grover Corlew
• Buyer's Representative: Dominic Montazemi (Cushman & Wakefield)
• Location: 120 E Palmetto Park Rd, Boca Raton
• Square Footage: 66,606

The transaction involved key representatives such as Dominic Montazemi from Cushman & Wakefield, who highlighted Grover Corlew's recent acquisition strategy that positions them to benefit from scale and synergy in the market. Grover Corlew is recognized for its strategic investments in Boca Raton, with plans for upgrades to tenant space and common areas within Palmetto Park City Center. Financing for the deal was provided by Wells Fargo, facilitated by Patrick Ramge.