$20 Million in Office Space, Company’s Second Purchase in Delray Beach
DELRAY BEACH, Fla. (April 30, 2015) – G&C Arbors Investors, LLC, an affiliate of South Florida-based real estate investment management group Grover Corlew, has announced the purchase of the Arbors, a 176,148 sq.-ft., two office building complex at 1615 and 1625 Congress Avenue in Delray Beach, for $20.15 million.
Built in 1981 and set on 12.91 acres, the two buildings are currently 79 percent leased. There are 804 parking spaces with a parking ratio of 4.6 per 1,000 sq. ft. Later this year, Grover Corlew plans to renovate and rebrand the buildings, which were originally developed by IBM.
“We continue to build our portfolio in South Florida,” said Partner Mark Corlew. “The Arbors fits the profile of properties we are interested in. The convenient location to major roadways and the surrounding robust business environment make this an ideal acquisition for us.”
This is the second property in Delray Beach purchased by Grover Corlew, which is focused on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. In 2012, the company acquired 220 Congress Avenue for $4.2 million or $75 a sq.-ft. and sold it two years later for $8 million or $150 a sq.-ft.
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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.