CENTER IN DEERFIELD BEACH SELLS FOR BIG BUCKS: 50% GAIN IN FOUR YEARS
Commercial Real Estate prices in Deerfield Beach continue to rise rapidly as businesses are looking for less expensive options in South Florida with great amenities and close highway access.
The five-building Hillsboro Center office complex sold for $32.5 million with help from a $24.8 million in purchase financing, according to law.com.
The new owner is Pompano-based Grover Corlew. The Pompano Beach-based real estate investment firm purchased the five-building, 216,100-square-foot development at 600 West Hillsboro Blvd for $150 per square foot according to the Real Deal.
The complex, built in 1987, went for $22 million in 2015 when it was last sold. The 2019 sales prices marks an increase of almost fifty percent.
In a press release, Partner Anju Grover said, “We specialize in transforming centrally located suburban office properties into revitalized spaces that meet the needs of today’s businesses. Hillsboro Center is well positioned in a growing area of Deerfield Beach. Our proximity to I-95, U.S. 1 and the Dixie Highway flyover bridge connecting the city to Boca Raton makes Hillsboro Center a prime, easily accessible location.”
“Hillsboro Center is a tremendous long-term investment for us,” added Partner Mark Corlew, whose group focuses on acquiring, developing and operating office, retail and multi-family properties across the Southeastern U.S. “This high-end complex fits in perfectly with our portfolio of signature office properties.”
CommercialFlorida.com offers this overview of the facility. “Hillsboro Center Buildings I, II, III, and IV are four, 2-story office buildings consisting of 99,851 square feet. Surface lot parking is available at no charge with a parking ratio of 5/1,000.
Hillsboro Center lies in Deerfield Beach’s most established business corridor with banks and restaurants located nearby. The complex is directly adjacent to the Hampton Inn Suites and the Double Tree immediately off the I-95 Hillsboro Boulevard exit in northern Broward County. Hillsboro Buildings I-IV allow access to three quarters of South Florida’s 6 million population within a 60-minute commute.
Property management and manned security are located on-site to ensure a high level of quality tenant services to Hillsboro Center tenants. The exterior features include walkways, outdoor courtyard sitting areas, and a scenic pond containing multiple flowing waterfalls”
This story was prepared by our Deerfield Beach news desk with additional information from various public sources and their websites.
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