Herald Plaza Changes Hands

Dec 05, 2012 No Comments by

An investment group led by a pair of veteran South Florida real estate executives has acquired Herald Plaza, the complex that houses the Miami Herald’s Broward County bureau along I-75 in Pembroke Pines.

The deal for the 77,209-square-foot, two-building campus, which is located on a 5.16 acre site at 2000–2010 NW 150th Avenue, closed Dec.4. The sale price was $9 million, or about $116 a square foot.

Grover & Corlew LLC, a boutique real estate investment and management firm focused on multi-family, office and medical office properties, acquired the high-profile Herald Plaza complex.  The acquisition was done in partnership with Atlantic Creek Real Estate Partners LLC (“Atlantic Creek”), an opportunistic commercial real estate investment fund with offices in New York City and Palm Beach, Florida.

The seller was a venture between Coconut Creek-based Butters Group and Boca Raton-based Milhous Group.

The CBRE team of Scott O’Donnell, Jeffrey Kelly, Dominic Montazemi, Marty Busekrus, and Miguel Alcivar brokered the transaction. CBRE Senior Vice President O’Donnell said financing was a challenge given the short-term leases of key tenants; “Although 98% leased today, the buyer found limited interest from non-recourse lenders because of the amount of rollover in 2015. They were fortunate to have a relationship with a partial recourse bank lender who would finance the acquisition.”

Grover & Corlew LLC, which has offices in Delray Beach, Tampa, Atlanta and Nashville, is led by former longtime Stiles Corp. acquisitions chief Mark Corlew and his partner Anuj Grover, a lawyer, accountant,  and real estate operator.

Grover has been an active acquirer and developer of real estate for the past 13 years, specializing in the development and acquisition of office, medical office and multi-family properties.

Grover & Corlew was founded in 2010 and has since sealed deals to acquire 1,400 apartment units across the Southeast. Herald Plaza marks its second office acquisition and brings their portfolio value to more than $100 million.

“We believe the South Florida office market is finally at an inflection point and has an extended recovery ahead,” said Corlew, a seasoned real estate veteran with more than 20 years of experience. “A key part of our investment strategy is to acquire a portfolio of well-located, office properties throughout the tri-county area over the next two years.”

“We are excited to be partnering again with Grover & Corlew,” said Atlantic Creek Senior Vice President of acquisitions Iker Gorricho.  “Herald Plaza’s premier location on I-75 and Sheridan Street offers excellent access to Dade, Broward and Palm Beach counties, a highly educated area workforce, and proximity to numerous retail and restaurant opportunities for its tenants.”

In August, custom clothier Astor & Black relocated its corporate headquarters from Ohio to 22,294 square feet in the larger of the two buildings/a> at 2010 NW 150th Ave. into space formerly occupied by the Miami Herald in a deal that will create at least 62 new jobs.

The Miami Herald relocated its Broward news, advertising and support staff into 3,100 square feet in the adjacent building at 2000 NW 150th Ave. In September, home healthcare agency Guardian Care Services leased 4,225 square feet with plans to relocate its corporate offices from Miramar.

Darcie Lunsford, VP of McCraney Property Co., represented the landlord in those transactions and will continue to handle leasing for the new ownership. In all more than 34,000 square feet of new leases have been executed in the two-building complex since January.

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Broward County Office, Industry News, NA, Office
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