Grover Corlew expands portfolio with West Palm Beach suburban office building
WEST PALM BEACH, Fla. (February 28, 2014) – G&C Brandywine Investors, an affiliate of Grover Corlew, a real estate investment management group focused on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S., has acquired Brandywine Centre I at 580 and 600 Village Blvd. in West Palm Beach, Fla. from BCI Associates, LLC. for $7 million.
At the time of closing, the three-story, 69,715 sq.-ft. office building was 69 percent leased. Built in 1987, Brandywine Centre I sits on 5.46 acres, which includes a 9,100 sq.-ft. restaurant outparcel, in suburban West Palm Beach. Located close to the downtown city center and Palm Beach International Airport, the office building offers convenient access to I-95. Grover Corlew plans to spend approximately $1.5 million to renovate and reposition the building.
“This office building is a welcome addition to our growing portfolio of value-add office assets,” said Partner Anuj Grover. “There is a quiet renaissance underway in suburban West Palm Beach which is why we are investing here. We are well positioned with Brandywine Centre I to leverage the growth in the office market sector.”
CBRE, Inc., a real estate and investment firm, represented both the buyer and the seller in the transaction.
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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 Southeast 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 Southeast U.S.