Property management company Grover & Corlew has purchased the Arbors office building for $20.1 million. The 80,580 square foot building is located at 1625 S. Congress Avenue in Delray Beach. Trading for $250 per square foot it was built in 1982 on a five acre site and last sold for $4.03 million in 2011. The firm took out a $17.2 million mortgage on the property from New York based lender RAIT Financial Trust. This is the latest purchase in a series of office buys for Grover & Corlew, which has purchased five other office properties worth roughly $50 million since December.
