{"id":1924,"date":"2020-01-03T10:36:56","date_gmt":"2020-01-03T15:36:56","guid":{"rendered":"https:\/\/www.meyer.media\/?p=1924"},"modified":"2020-01-03T10:36:56","modified_gmt":"2020-01-03T15:36:56","slug":"%e2%80%8ccushman-wakefield-negotiates-sale-of-two-grover-corlew-office-buildings-in-metrocentre-corporate-park-for-7-45m","status":"publish","type":"post","link":"https:\/\/www.meyer.media\/2020\/01\/03\/%e2%80%8ccushman-wakefield-negotiates-sale-of-two-grover-corlew-office-buildings-in-metrocentre-corporate-park-for-7-45m\/","title":{"rendered":"\u200cCushman & Wakefield Negotiates Sale of Two Grover Corlew Office Buildings in Metrocentre Corporate Park for $7.45M"},"content":{"rendered":"

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Greg Miller, Scott O\u2019Donnell, Miguel Alcivar and Michael Ciadella Represented Grover Corlew in the Sale of 2440\u20132478 and 2550 Metrocentre Boulevard<\/em><\/strong><\/p>\n

WEST PALM BEACH, FL, January 3, 2002<\/strong> \u2014 Cushman & Wakefield<\/a> has negotiated the sale of two medical and professional office buildings at Metrocentre Corporate Park.<\/p>\n

The Cushman & Wakefield Capital Markets team of Greg Miller<\/a>, Scott O’Donnell<\/a>, Miguel Alcivar<\/a> and Michael Ciadella<\/a> represented Grover Corlew<\/a> in the dispositions of 2440-2478 and 2500 Metrocentre Boulevard in Palm Beach County.<\/p>\n

NRK Property, Inc.<\/a> acquired 2440-2478 Metrocentre Boulevard. Metro Partners 2500, LLC<\/a> purchased 2500 Metrocentre Boulevard. The buildings were sold for a combined total of $7.45 million. Kris Hustad at Touchstone Webb Realty Company represented Metro Partners 2500, LLC.<\/p>\n

2440-2478 and 2500 Metrocentre Boulevard are single-story office buildings developed in 1991. The assets are located within Metrocentre Corporate Park, an attractive business campus that also houses a number of other medical offices, hotels and restaurants \u2014 all in close proximity to West Palm Beach\u2019s major hospitals.<\/p>\n

2440-2478 Metrocentre Boulevard<\/a> is a \u00b130,482-square-foot building located on a \u00b14.39-acre site. The building was 100% leased at the time of sale. Notable tenants include Florida Department of Revenue, The Imaging Center of West Palm Beach and VITAS Healthcare.<\/p>\n

2500 Metrocentre Boulevard<\/a> is a \u00b118,020-square-foot asset situated on a \u00b11.4-acre site. The asset was 75% leased at the time of sale with availabilities of 1,589 and 3,055 square feet. Major tenants in the building include VIP Kids and Tradesman International.<\/p>\n

\u201cWhen we initially purchased the Metrocentre office buildings in 2014, they were under-performing at 55% occupancy, but offered unrealized potential in terms of location and quality,\u201d said Grover Corlew Partner Mark Corlew<\/a>. \u201cWith key upgrades and strong management direction we transformed these buildings into an attractive asset for the right investor. Cushman & Wakefield\u2019s market knowledge and highly professional marketing efforts ultimately connected us with that investor, allowing us to meet our goals.\u201d<\/p>\n

\u201cFully leased, 2440\u20132478 Metrocentre Boulevard provides a contractually stable and secure investment via long-term leases with limited rollover exposure, which was especially attractive to a number of 1031 and offshore investors,\u201d said Miller. \u201c2500 Metrocentre offers tremendous upside via the lease-up of existing vacancies.\u201d<\/p>\n

Metrocentre Corporate Park is ideally located in close proximity to the Interstate 95 interchange at 45th St. in central Palm Beach County. The park is one of the few premier, master-planned business campuses in West Palm Beach, offering excellent access to all of Palm Beach County and a full range of nearby amenities.<\/p>\n

Metrocentre Corporate Park boasts a roster of long-standing medical and professional tenants with an average duration of occupancy of eight years. The hospital systems and the extensive roster of existing medical tenants in this corridor serve as a great source of potential tenancy, providing the opportunity to target and attract more medical tenants.<\/p>\n

\u201cTrue value-add office opportunities are rare, and with limited capital infusion required, Metrocentre Corporate Park is well positioned for medical and professional tenants preferring the immediate access to I-95 or the nearby JFK Medical Center,\u201d said O\u2019Donnell.<\/p>\n

About Grover Corlew<\/strong><\/p>\n

Led by experienced real estate veterans who have worked together since 2002 and who have more than 40 years of combined industry experience, Grover Corlew is a real estate investment management group focused on acquiring, developing and operating office, retail and multi-family properties across the Southeastern U.S. Grover Corlew has offices in South Florida, Orlando and Atlanta and provides in-house asset management and property management services. The company is also an active developer with in-house development expertise as well as strategic relationships with tenants and local developers throughout the Southeastern U.S.<\/p>\n

About Cushman & Wakefield<\/strong><\/p>\n

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit\u00a0www.cushmanwakefield.com<\/a> or follow @CushWake<\/a> on Twitter.<\/p>\n

Media Assets<\/strong><\/p>\n

2440-2478 Metrocentre Boulevard Photo<\/a>
\n2500 Metrocentre Boulevard Photo<\/a>
\nGreg Miller Headshot<\/a>
\nScott O\u2019Donnell Headshot<\/a>
\nMiguel Alcivar Headshot<\/a>
\nMichael Ciadella Headshot<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O\u2019Donnell, Miguel Alcivar and Michael Ciadella has negotiated the sales of two medical and professional office buildings at Metrocentre Corporate Park in West Palm Beach, FL for a total of $7.45 million.<\/p>\n","protected":false},"author":1,"featured_media":1887,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[2671,2672,49,4,700,29,2679,144,1917,2675,2308,113,2674,2670,2489,86,2673,26,216,35,88,368,2680,2676,2678,1619,2677,2681,508],"class_list":["post-1924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr","tag-2440-2478-metrocentre-boulevard","tag-2550-metrocentre-boulevard","tag-commercial-real-estate","tag-cushman-wakefield","tag-disposition","tag-florida","tag-florida-department-of-revenue","tag-greg-miller","tag-grover-corlew","tag-kris-hustad","tag-mark-corlew","tag-medical","tag-metro-partners-2500-llc","tag-metrocentre-corporate-park","tag-michael-ciadella","tag-miguel-alcivar","tag-nrk-property-inc","tag-office","tag-palm-beach-county","tag-sale","tag-scott-odonnell","tag-south-florida","tag-the-imaging-center-of-west-palm-beach","tag-touchstone-webb-realty-comipany","tag-tradesman-international","tag-value-add","tag-vipo-kids","tag-vitas-healthcare","tag-west-palm-beach"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.meyer.media\/wp-content\/uploads\/2019\/12\/2440-metrocentre-boulevard-scaled.jpg?fit=2560%2C1302&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p79IL5-v2","_links":{"self":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/comments?post=1924"}],"version-history":[{"count":1,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1924\/revisions"}],"predecessor-version":[{"id":1925,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1924\/revisions\/1925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media\/1887"}],"wp:attachment":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media?parent=1924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/categories?post=1924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/tags?post=1924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}