Grover Corlew Nabs 46-Acre Office Park in Booming Orlando
- Dec 29, 2016
Orlando—G&C OC Investors LLC, an affiliate of Florida-based real estate investment management group Grover Corlew, has acquired Orlando Central Office Park, the largest single parcel in Orlando. The sale price of the 46-acre park was not disclosed. Grover Corlew will manage the property and Tower Realty will continue as the leasing agent. CBRE assisted G&C OC Investors with the project financing.
Located at 3555 Maguire Blvd., at approximately 4 miles east of Orlando’s central business district, the office park is immediately adjacent to Baldwin Park, one of Orlando’s few “live, work, play” communities. The property is just five minutes north of the City of Winter Park, one of Central Florida’s most affluent suburbs, well-known for its historic roots and high-end retail.
The 21-building, 637,380-square-foot office park is 82 percent leased, with suites available ranging in size from 800 to more than 20,000 square feet. According to Yardi Matrix data, the property has one- and two-story buildings, 10 elevators and more than 3,170 parking spaces. Orlando Central Office Park was built in five phases, starting in 1966.
“This is a landmark property and an exceptional investment opportunity for us. 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 is extraordinary,” said Anuj Grover, principal at Grover Corlew, in prepared remarks.
Orlando Central Office Park is also situated north of East Colonial Drive, across from Orlando Fashion Square Mall, a 1.2-million-square-foot center that is undergoing a complete renovation. The facelift includes a $26 million, 151-key eco-friendly hotel, as well as a 356-unit, $50 million Class A multifamily complex developed by Trammel Crow Residential in the northeast corner of the mall’s commercial space.
“There is no question that Orlando is a thriving community, which will only continue to become more desirable as Florida’s population continues to grow,” said Mark Corlew, principal at Grover Corlew.
Images courtesy of Yardi Matrix and Business Wire