First office building investment yields significant returns following upgrades
DELRAY BEACH, Fla. (August 20, 2014) – Florida-based real estate investment management firm Grover Corlew has sold 220 Congress Avenue in Delray Beach for $8 million to ICM Realty Group.
Grover Corlew, which focuses on acquiring, developing and operating office, retail and multi-family properties across the U.S., originally purchased the building in 2012 for $4.2 million.
The 54,500 square-foot, three-story lakefront office building was 97 percent leased at the time of the sale. Over the last two years, Grover Corlew made significant improvements to the property, which increased occupancy levels by 76 percent.
“220 Congress was an under-performing, high-quality office building in a centralized location that needed strategic upgrades and management direction,” said Partner Mark Corlew. “We did what was necessary to turn this into a profitable property and a compelling investment opportunity for an institutional investor.”
Ideally located on the southwest corner of West Atlantic Avenue and South Congress Avenue in Delray Beach, 220 Congress includes underground climate controlled parking and an outdoor patio area overlooking the lake. The building has easy access to I-95, nearby retail amenities and downtown Delray Beach.
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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.
