An affiliate of Pompano Beach-based real estate investment management group Grover Corlew bought the largest single parcel in Orlando, a 46-acre office park with prime redevelopment potential.
G&C OC Investors LLC, a related entity of Grover Corlew of Florida LLC, bought 21-parcel Orlando Central Office Park for $50 million from New York, New York-based DRA CRT Orlando Central Center LLC on Dec. 22, according to Orange County records.
The 21-building, 637,380-square-foot office park near Orlando’s central business district is 82 percent leased, with suites available ranging from 800 to 20,000-plus square feet.
“This is a landmark property and an exceptional investment opportunity for us,” said Partner Anuj Grover in a prepared statement. “Orlando Central’s submarket is undergoing a transformation as sites are being redeveloped in the immediate area. We are looking at improvements to the property in the short term with an eye on redevelopment over the next decade. The potential of Orlando Central [Office Park] is extraordinary.”
Grover Corlew, an active developer and investor around Central Florida, will manage the property and Tower Realty will continue as the leasing agent. Chris Lee, lead broker with CBRE, represented G&C OC Investors with the project financing.