The Real Deal Miami

Galium Capital JV buys Palm Beach Gardens office building

Tenants include Seacoast National Bank, McNicholas & Associates and Berkshire Hathaway
By Amanda Rabines | December 07, 2018 12:30PM

3001 PGA Boulevard and Jacques Bessoudo

Galium Capital and joint venture partner Owens Realty Capital just paid $25.1 million for a Palm Beach Gardens office building anchored by Seacoast National Bank.

The 67,500-square-foot building at 3001 PGA Boulevard traded for about $372 per square foot. The seller, GLL 3001, L.P., is tied to a Munich, Germany-based real estate fund, GLL Real Estate Partners.

The property previously sold for $28.4 million in 2006 as part of GLL’s buyout of the previous owner’s assets, said Jacques Bessoudo, a partner at Galium.

Built in 2006, the 5.6-acre property sits along PGA Boulevard, just south of the Gardens Mall and features 246 parking spaces.

In addition to Seacoast National Bank, tenants include public relations firm McNicholas & Associates and Berkshire Hathaway. Bessoudo said the building sold nearly 95 percent occupied with asking rents reaching the high $20’s per square foot.

HFF represented the seller.

Owens Realty Capital will manage the property, Bessoudo said. The Orlando-based firm owns, manages and develops properties in Connecticut, Florida, North Carolina and New York, according to its website. It has about 25 million square feet under its management.

Aventura-based Galium Capital owns more than $300 million in commercial assets across the United States. The company is also partnering with Miami Beach developer Silvia Coltrane and Jordan Kavana on a new condo-hotel project in North Beach.