Grover Corlew has obtained $47.5 million for the refinancing of Palmetto Central, a two-building, 170,000-square-foot workplace campus in Boca Raton, Fla. Metropolis Nationwide Financial institution of Florida supplied the mortgage.
Earlier financing included an nearly $22 million mortgage originated by Wells Fargo Financial institution in July 2023, in response to CommercialEdge. The possession additionally accomplished a greater than $60 million capital enchancment plan.
Positioned at 1489 and 1499 W. Palmetto Park Highway, the campus is near Palmetto Park Sq. and Interstate 95. Downtown Boca Raton is lower than 3 miles away, whereas Fort Lauderdale, Fla., is 21 miles away.
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Accomplished in 1979, renovations on the 1499 W. Palmetto Park Highway included a brand new facade and foyer, in addition to upgraded widespread areas and restrooms. Tenants on the four-story, 87,400-square-foot constructing embrace Hair Membership, Gilbane Constructing Co., Texas Devices, in addition to the proprietor’s headquarters. The low-rise is 91 % leased.
In-built 1992, the opposite constructing spans 83,000 sq. ft and options patio areas, custom-built workplace suites and absolutely renovated widespread areas. Tenants on the five-story property embrace Enterprise X and UHealth Boca Raton. The ability is 80 % leased.
Different shared facilities comprise a tenant lounge, health middle, convention facility and outside seating space. The campus additionally has 12 EV charging stations and about 870 parking areas.
Metropolis Nationwide Financial institution of Florida Senior Vice President David Lukes dealt with the refinancing observe.
South Florida’s workplace market restoration indicators
As of March, the workplace emptiness price in Miami clocked in at 15.5 %, up 220 foundation factors over a 12-month interval, however remained decrease than the nationwide 19.9 % price, in response to a latest CommercialEdge report. However, Miami, along with New York Metropolis, proceed to guide workplace restoration, exhibiting enchancment year-over-year, a Placer.ai report reveals, because the return-to-office mandates begin to clock in.
One other latest refinancing deal closed lately within the metro as nicely, as The Inexperienced Cos. secured a 10-year, $51.5 million fixed-rate mortgage from Goldman Sachs for Dadeland Centre I and II, two workplace buildings situated in Dadeland, Fla.
