PEMBROKE PINES, Fla. – G&C Herald Investors, LLC, a partnership between Grover Corlew and Atlantic Creek Real Estate Partners, LLC, has sold the two building Stemtech Square for $12.5 million to Chelsea Investments 350 LLC.
The property is currently home to Stemtech International, Inc., which is ranked by Inc. Magazine as one of America’s fastest growing companies. The company recently moved its corporate headquarters from California to Pembroke Pines following receipt of more than $615,000 in local and state incentives.
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., acquired the property in 2014 for $9 million. Known then as Herald Plaza, Grover Corlew completed extensive renovations to the buildings and changed the property’s name to Stemtech Square upon replacing The Miami Herald with Stemtech as the property’s lease tenant.
“Stemtech Square has significant income-generating potential as below-market leases expire and are re-leased at current market value,” said Partner Mark Corlew. “Chelsea Investments 350 LLC will be able to capitalize on the newly renovated spaces and the high-profile name of the building’s largest tenant.”
The two, two-story office buildings include 77,209 sq. ft. of leasable space and a finished warehouse space set on five acres. Located at 2000-2010 N.W. 150th Ave., the two office buildings are conveniently located at I-75 and Pines Boulevard.
BlueGate Partners, a boutique real estate investment banking firm, represented G&C Herald Investors in the sale of Stemtech Square.
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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.