Largest single parcel in Orlando sells with prime redevelopment potential
G&C OC Investors, LLC, an affiliate of Grover Corlew, a Florida-based real estate investment management group, has acquired Orlando Central Office Park. The sale price was not disclosed.
The 21-building, 637,380 sq.-ft., office park is strategically located minutes from Orlando’s central business district. The park is 82 percent leased, with suites available ranging in size from 800 sq.-ft. to over 20,000 sq.-ft.
“This is a landmark property and an exceptional investment opportunity for us,” said Partner Anuj Grover, whose group is focused on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. “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.”
Area surrounding Orlando Central is booming
Orlando Central is ideally situated just north of East Colonial Drive across from Orlando Fashion Square Mall. Orlando Fashion Square Mall, a 1.2 million sq.-ft. mall is undergoing a complete renovation. As part of that renovation, an estimated $26 million, 151-room boutique ecofriendly hotel is opening in 2017. The outdated Sears building is being demolished and replaced with a $19.9 million, 140,000 sq.-ft. redevelopment anchored by Orchard Supply Hardware and Floor & Décor. Dicks Sporting Goods recently opened a new store on the west side of the mall. Trammel Crow Residential has submitted plans to redevelop the northeast corner of the mall’s commercial space into a 356-unit, $50 million Class A multifamily complex. Elan Audobon Park, a 449-unit apartment complex, which abuts the property, was completed this year (and is part of the currently existing 2,000 multifamily units within a .5 mile radius of Orlando Central). Just south of Orlando Central, Colonial Plaza and Colonial Marketplace were recently redeveloped.
Located 3.5 miles east of Orlando’s central business district, the office park is immediately adjacent to the west of Baldwin Park, one of Orlando’s few “live, work, play” communities set within a dense, walkable community with the perfect mix of amenities, parks and recreation. Located just five minutes north is the City of Winter Park, one of Central Florida’s most affluent suburbs well-known for its historic roots and high-end retail.
“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 Partner Mark Corlew. “We consider Orlando to be a strategic and important market to our organization as we continue to expand our footprint throughout the state.”
Grover Corlew has been an active developer and investor in and around Central Florida. Grover Corlew recently redeveloped a former auto dealership in Vero Beach, a portion of which was redeveloped with a Wawa which sold earlier this month for $5.055 million. In 2014, Grover Corlew sold Summer Palms, a 340-unit apartment complex in Riverview, for $31.7 million.
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.