~Grover Corlew invests in Atlanta submarkets~
G&C Mansell Investors LLC, an affiliate of Florida-based real estate investment group Grover Corlew, has purchased five office buildings in Mansell Court at Mansell Overlook in Alpharetta, Ga. for $12.25 million. The portfolio originally was sold in 2007 for $22 million.
Currently at 77 percent leased, the three single-story and two two-story low rise office buildings are located at 10 and 20 Mansell Court East and 30, 50 and 70 Mansell Court. The five buildings sit on 14.8 acres of land and offer 188,478 sq. ft. of office space including parking for 760 vehicles. Under the new ownership, the original 1987 brick office buildings will immediately undergo $1 million in significant renovations including new exterior enhancements.
“These buildings are within the burgeoning North Fulton submarket of Atlanta which is a prime upscale residential community and the strongest suburban office market just outside the city center,” said Partner Anuj Grover, whose group focuses on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. “Several high-end lifestyle and cultural development projects including nearby Avalon have made this a highly sought-after area not only for businesses but also for residents. There is a deep and proximate employee base that will attract sophisticated employers to these buildings.”
Mansell Court is surrounded by appealing boutique retail centers, restaurants, golf courses, exclusive residential communities and is within proximity to renowned mixed-use developments of Avalon and North Point Mall. With easy access to major thoroughfares such as GA-400, these buildings are ideally situated both for employers and employees.
“The acquisition of these five buildings illustrates our commitment to our expansion into the Atlanta market,” said Partner Mark Corlew. “In fact, we broke ground in October on a new 31,000 sq.-ft. surgery center in Fayetteville for Resurgens Orthopaedics which is adjacent to their existing 17,600 sq.-ft. building.
CBRE’s Heather Lamb has been awarded the leasing assignment for all five buildings.
“The synergy in North Fulton is easily felt through relocations and organic growth of companies in the submarket,” said Lamb. “Some of the draws of Mansell Court include its prime location and ability to cater to a diverse tenant mix. With renovations underway to transform the office space to better serve the creative set, Mansell Court provides one of the most desirable suburban office environments.”
According to CBRE’s Atlanta research team, North Fulton has inked more than 1.1 million sq. ft. of new technology or creative tenants over the last three years.
Grover Corlew has been an active developer and investor in and around Central and South Florida. In a recent blockbuster deal Grover Corlew acquired the46-acre Orlando Office Park, which is the largest single parcel in Orlando with significant redevelopment potential. Also in the past two months, the company has closed sales on two redeveloped parcels of land in a revitalized area of Vero Beach. One parcel, purchased by Sun Holdings, Inc., is slated for a Popeyes Louisiana Kitchen on site, while the second was sold to a private investor and is the location of a new Wawa convenience store. In mid-December the company acquired the Sabre Centre I office building in Boca Raton and subsequently refinanced it with immediate plans for $250,000 in common area upgrades.