Calling it a “landmark property and an exceptional investment,” G&C OC Investors LLC announced its purchase of a 46-acre office park in Orlando on Wednesday.
In buying the 21-building Orlando Central Office Park, G&C OC Investors has added 637,380 square feet of office space to its portfolio. With 18 percent of the complex still available for lease, tenants can choose from space ranging from 800 to 20,000 square feet.
Anuj Grover, a partner in G&C, said the changing market prompted the acquisition.
“Orlando Central’s submarket is undergoing a transformation as sites are being redeveloped in the immediate area,” Grover said in a press release announcing the purchase. “We are looking at improvements to the property in the short term with an eye on redevelopment over the next decade. The potential of Orlando Central is extraordinary.”
Some of the changes Grover alluded to include remodeling of the 1.2 million-square-foot Orlando Fashion Square Mall and construction of an accompanying 151-room hotel. Dick’s Sporting Goods has opened a store at the mall, along with Orchard Supply Hardware and Floor & Décor.
Grover Corlew, parent company of G&C OC Investments, has backed other developments, such as a repurposed Vero Beach car sales facility (a $5 million sale) and the $32 million Summer Palms complex in Riverview.
“There is no question that Orlando is a thriving community which will only continue to become more desirable as Florida’s population continues to grow,” G&C Partner Mark Corlew said. “We consider Orlando to be a strategic and important market to our organization as we continue to expand our footprint throughout the state.”