G&C HOLLAND VERO INVESTORS SELLS OUTPARCEL NEAR WAWA
~Popeyes Louisiana Kitchen to be built on the site~
G&C Holland Vero Investors LLC, an affiliate of real estate investment group Grover Corlew, has sold a nearly one acre development site at U.S. 1 and 12th Street in Vero Beach for $735,500 to an affiliate of Sun Holdings, Inc., the largest Latino franchisee operator in the United States whose portfolio exceeds over 610 units in six states.
Sun Holdings, Inc. plans to build a Popeyes Louisiana Kitchen on the site.
The parcel is located at the southern end of the site near a newly opened Wawa convenience store. A remaining .8-acre parcel between the two well-known chains also is currently for sale.
“Indian River County and the stretch of land on U.S. 1 between 20th Street and 8th Street was an area we identified as having long-term intrinsic value due to city revitalization efforts,” said Partner Mark Corlew. “We quickly acquired and redeveloped the land to sell it and are excited to see the project come to fruition.”
In 2015, Grover Corlew in partnership with Holland Retail Advisors, LLC purchased a 3.5-acre site, then a former Vatland auto dealership. The company cleared the land for development, signed a land lease with Wawa and subsequently sold the Wawa land parcel to a private investor for $5.055 million.
“We are pleased to see well-known brands take ownership of this land, which is a testament to the positive redevelopment of the area,” said Partner Anuj Grover. “The final parcel, which is currently attracting a broad spectrum of investors, represents a tremendous opportunity for the right buyer.”