CBRE ARRANGES $49.75 MILLION SALE OF GOLDEN BEAR PLAZA IN PALM BEACH GARDENS, FLORIDA
22 May 2020
Palm Beach Gardens, FL – May 22, 2020 – CBRE facilitated the successful $49.75 million sale of the leasehold interest in Golden Bear Plaza, on behalf of an affiliate of Alliance Partners HSP. The 90% leased boutique office campus contains 243,274 sq. ft. across three, six-story office buildings, plus a 1-acre retail parcel ground-leased to Regions Bank.
The buyer is a joint venture between MHCommercial Real Estate Fund, a discretionary private equity fund formed by principals of NAI/Merin Hunter Codman, one of South Florida's leading commercial real estate firms and Waterfall Asset Management LLC, a New York-based registered investment advisor with approximately $8.8 billion in assets under management as of February 1, 2020 that has completed over $500 million in recent commercial real estate transactions.
The seller was exclusively represented by the CBRE Capital Markets team of Vice Chairman Christian Lee and Executive Vice President José Lobón.
“The combination of quality office space, exclusivity, and market-leading 7.2:1,000 sq. ft. parking ratio make Golden Bear Plaza an exceptional opportunity to capitalize on a unique asset located within a severely supply-constrained and highly desirable micro market.” Explained CBRE Vice Chairman Christian Lee.
Developed between 1985 and 1990 by Jack Nicklaus' company, the Property is a locally recognized landmark with panoramic views of the Intracoastal Waterway and the Atlantic Ocean.
Golden Bear’s strategic location on the east side of the PGA Boulevard Bridge makes it the Prestige Coast's only institutional office building - and the logical office address for wealthy decision-makers who live in Jupiter, Sea Colony, Juno Beach, and the adjacent Lost Tree Club. The Property features distinct amenities that are well-tailored to these discerning tenants, including 114 “VIP” covered parking spaces below the Buildings which offer direct elevator access to the office areas, and exterior terraces with water views for many office suites.
“Now more than ever, businesses and individuals are flocking to Florida to take advantage of large savings as a result of the lack of State and Local Taxes (“SALT”). More acutely, Palm Beach County has seen the largest impact of "SALT", as the multi-million-dollar homes, white sand beaches, and exclusive country clubs have drawn the interest of wealthy decision-makers. Golden Bear Plaza has benefitted tremendously from “SALT” relocations as over 28,000 SF at the property is occupied by tenant’s who moved from out of state, predominantly from the northeast.” Added CBRE Executive Vice President José Lobón.
The CBRE Capital Markets team also included Senior Vice President Amy Julian, with CBRE’s Debt & Structured Finance, and Financial Analyst Royce Rose.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.