An affiliate of South Florida developer and property manager Grover Corlew announced that it acquired the Orlando Central Office Park, which includes 21 buildings near Fashion Square Mall. Sources said the price was $50.35 million.
The office park includes 637,380 square feet of office space, which the firm says is 82 percent leased.
The area has seen renovations and additions at Fashion Square, a new apartment complex (Elan Audubon Park) and plans for more apartments.
“Orlando Central’s submarket is undergoing a transformation as sites are being redeveloped in the immediate area,” said Gover Corlew partner Anuj Grover.
“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 is extraordinary.”
Grover Corlew pointed to plans for major new developments in the area, which is near Orlando’s urban core, such as a new 151-room boutique hotel and arrival of Orchard Supply Hardware and Floor & Décor at Fashion Square, where a Sears store recently closed.
Grover Corlew will manage the property and Tower Realty will continue as the leasing agent. Chris Lee, lead broker with CBRE, represented G&C OC Investors, LLC with the project financing.