Grover Corlew Secures $12 Million Refinancing for Mansell Court Office Buildings in Alpharetta

Refinance follows $6.3 million in capital improvements and significant occupancy growth

Grover Corlew, a South Florida-based real estate investment management group focused on acquiring, developing and managing office and multifamily properties, has closed a $12 million refinancing of two office buildings at Mansell Court in Alpharetta, Georgia, following significant property improvements and strong leasing activity.

Grover Corlew acquired Mansell Court in January 2017 for $12.25 million as a five-building, 188,478-sq.-ft. office complex. Since the acquisition, the firm has invested approximately $6.3 million in capital improvements across the property and sold three of the buildings in separate transactions. Grover Corlew retains ownership of Mansell 10 and Mansell 20, where occupancy has increased from 46% at acquisition to 92% today. Neither building has scheduled lease expirations until August 2029.

The refinancing was provided by Wells Fargo Bank, N.A., through a commercial mortgage. The five-year loan generated sufficient proceeds to return all invested capital to investors while allowing Grover Corlew to retain ownership of Mansell 10 and 20 and continue generating cash flow.

Capital improvements have included modernized building façades with wood accents, new monument signage and landscaping, an outdoor gathering area, parking lot and lighting upgrades, a new roof at Mansell 10 and high-end tenant buildouts.

"Grover Corlew's strategy has always been to identify properties with untapped potential and make the investments necessary to strengthen their long-term performance," said Anuj Grover, partner at Grover Corlew. "Mansell Court is a strong example of how thoughtful improvements and active management can create lasting value."

Located in Alpharetta's North Fulton submarket, Mansell Court offers convenient access to GA-400 and is near the area's retail, dining and residential destinations, including Avalon.

For more information on Grover Corlew, visit grovercorlew.com.

About Grover Corlew

Real estate veterans with a proven track record of more than 100 years of combined industry experience lead Grover Corlew in acquiring, developing and managing office and multifamily properties across the southeastern U.S., with a focus on Florida. The Grover Corlew team has developed, owned and managed 10,000+ units and more than 10 million sq. ft. of commercial space, taking a personalized approach to investor and tenant relationships, which has attracted corporate headquarters to Grover Corlew signature buildings. The company is actively developing new projects that will continue to help revitalize and stimulate local communities. To find out more about Grover Corlew visit grovercorlew.com.

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