Investors fetch $12.5M for Pembroke Pines office buildings
Sellers are principals of Grover Corlew real estate firm in Boca
February 24, 2016 10:32AMBy Sean Stewart-Muniz
One of the two office buildings at 2000 Northwest 150th Avenue in Pembroke Pines
After four years of holding onto a pair of Pembroke Pines office buildings, Anuj Grover and Mark Corlew have sold their properties for $12.5 million.
The buildings are located at 2000-2010 Northwest 150th Avenue near I-75 in western Pembroke Pines.
They measure 82,029 square feet together and occupy about five acres of land, most of which is used for surface parking lots.
Corlew and Grover, through a Florida limited liability company called G&C Herald Investments, first purchased the buildings for $9 million in 2012, according to Broward County property records. That deal broke down to just under $110 per square foot.
As first reported by the South Florida Business Journal, the investors have now traded the offices to a company named Chelsea Investments 350 for $152 per foot — a 38 percent gain in value.
The buying company is managed by Martha Casanueva of Miramar.
Corlew and Grover are also principals of a Delray Beach real estate company fittingly named Grover Corlew. Its portfolio consists mainly of commercial properties.
Source: The Real Deal