Cushman & Wakefield Negotiates Sale of Two Grover Corlew Office Buildings in Metrocentre Corporate Park for $7.45M
Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella Represented Grover Corlew in the Sale of 2440–2478 and 2550 Metrocentre Boulevard
WEST PALM BEACH, FL, January 2, 2020 — Cushman & Wakefield has negotiated the sale of two medical and professional office buildings at Metrocentre Corporate Park.
The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O'Donnell, Miguel Alcivar and Michael Ciadella represented Grover Corlew in the dispositions of 2440-2478 and 2500 Metrocentre Boulevard in Palm Beach County.
NRK Property, Inc. acquired 2440-2478 Metrocentre Boulevard. Metro Partners 2500, LLC 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.
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 — all in close proximity to West Palm Beach’s major hospitals.
2440-2478 Metrocentre Boulevard is a ±30,482-square-foot building located on a ±4.39-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.
2500 Metrocentre Boulevard is a ±18,020-square-foot asset situated on a ±1.4-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.
“When we initially purchased the Metrocenter office buildings in 2014, they were under-preforming at 55% occupancy, but offered unrealized potential in terms of location and quality,” said Grover Corlew Partner Mark Corlew. “With key upgrades and strong management direction we transformed these buildings into an attractive asset for the right investor. Cushman & Wakefield’s market knowledge and highly professional marketing efforts ultimately connected us with that investor, allowing us to meet our goals.”
“Fully leased, 2440–2478 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,” said Miller. “2500 Metrocentre offers tremendous upside via the lease-up of existing vacancies.”
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.
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.
“True 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,” said O’Donnell.