Retail asset yields solid return on investment following $2 million in renovations
FORT PIERCE, Fla. – Holland G&C Ft. Pierce, LLC, a Florida-based development team and joint venture lead by Grover Corlew, has sold Linkside Shoppes at U.S. 1 and Ohio Avenue in Fort Pierce for $4.6 million.
Purchased in 2014 for $1.7 million, Grover Corlew invested $2 million in renovations to the 43,328 sq.-ft. retail center, formerly known as the Fort Pierce Shopping Center. Set on 3.63 acres, the retail plaza features a new façade, redesigned parking lot, fresh landscaping and enhanced signage.
Notable tenants include West Marine, Pizza Hut, Hibbett Sports, Mattress Firm, Well Med and Jimmy John’s.
“This deal speaks to our ability to take an underperforming property and enhance its value while maintaining institutional discipline and operating protocols,” said Mark Corlew, partner with 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. “With many newly leased parcels to national retail chains and restaurants, we expect that the buyer will see a steady return on investment for years to come.”
At the heart of St. Lucie County, Fort Pierce is situated on Florida’s Treasure Coast and is a past Florida League of Cities City of Excellence Award winner for overall excellence in city government.
Marcus & Millichap’s Senior Vice President Douglas K. Mandel represented both the seller and buyer 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.