Grover Corlew Sells Metrocentre Office Buildings for $7.45 Million
West Palm Beach, Fla. (January 2, 2020) – South Florida-based real estate investment management group Grover Corlew has sold 2440-2478 and 2500 Metrocentre Boulevard, two single-story medical and professional office buildings located within Metrocentre Corporate Park in Palm Beach County.
“When we initially purchased the Metrocentre office buildings in 2014, they were under-performing at 55 percent occupancy, but offered unrealized potential in terms of location and quality,” said Partner Mark Corlew. “With key upgrades and strong management direction we transformed these buildings into an attractive asset for the right investor.”
Located within a desirable West Palm Beach business campus and near other medical offices, hotels and restaurants, the buildings are within close proximity to major hospitals and Interstate 95.
Developed in 1991, 2440-2478 Metrocentre Boulevard was 100 percent leased at the time of sale, while 2500 Metrocentre Boulevard was 75 percent leased.
Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella of Cushman & Wakefield represented Grover Corlew in the transaction and Kris Hustad at Touchstone Webb Realty Company represented NRK Property, Inc.
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About Grover Corlew
Led by experienced real estate veterans who have worked together since 2002 and who have more than 40 years of combined industry experience, Grover Corlew is a real estate investment management group focused on acquiring, developing and operating office, retail and multi-family properties across the Southeastern U.S. Grover Corlew has offices in South Florida, Orlando and Atlanta and provides in-house asset management and property management services. The company is also an active developer with in-house development expertise as well as strategic relationships with tenants and local developers throughout the Southeastern U.S.