West Palm Beach office sale is a solid return on investment
WEST PALM BEACH, Fla. – 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 sold Brandywine Centre I for $10.8 million to Coral Gables-based KAS Partners.
“In the past two years we have seen Brandywine Centre I’s occupancy level rise by 24 percent,” said Partner Mark Corlew. “West Palm Beach’s central business district has seen sharp increases in rental rates, which led to the desirability of suburban West Palm Beach. KAS partners will have the opportunity to further capitalize on this interest by offering prospective tenants boutique-style office space that is centrally located near I-95 with many nearby retail offerings.”
Located at 580 and 600 Village Blvd. in West Palm Beach, the three-story, newly renovated, 69,715 sq.-ft. office building sits on 5.46 acres, which includes a 9,100 sq.-ft. restaurant outparcel, that is currently occupied by Renegades Country Western Bar. Other tenants include Divine Blalock Martin Sellari, Online Trading Academy, Trident Tittle and Recovery Home Care Services.
Anticipating the growth of the suburban West Palm Beach office market, G&C Brandywine Investors purchased Brandywine Centre I for $7 million in 2012.
Florida-based G&C Brandywine Investors was represented by Cushman & Wakefield in the sale.
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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.