Galium Capital JV buys Palm Beach Gardens office building

Tenants include Seacoast National Bank, McNicholas & Associates and Berkshire Hathaway

Miami /
Dec.December 07, 2018 12:30 PM

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.


Related Articles

arrow_forward_ios
Brick + Timber principals Glenn Gilmore and Jesse Feldman and photo of the building at 2724 and 2734 Northwest First Avenue in Wynwood (LinkedIn, FutureVision Studios)
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
From left: Scott Sherman and Ben Mandell (Tricera Capital, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
Innovation District (DB Lewis Architect-Thresholds Intl, iStock)
Mike Zoi’s Motorsport firm proposes offices at Magic City Innovation District
Mike Zoi’s Motorsport firm proposes offices at Magic City Innovation District
From left: David Edelstein, Alex Karakhanian and Victor Ballestas in front of the property at 3601 North Miami Avenue (Lndmrk Development, Tricap, Integra Investments, LoopNet)
David Edelstein, partners buy Design District dev site, plan office tower
David Edelstein, partners buy Design District dev site, plan office tower
Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
Yamato Office Center in Boca Raton trades for $46M
Yamato Office Center in Boca Raton trades for $46M
The Gateway at Wynwood office building at 2916 North Miami Avenue with R&B Realty Group CEO Aron Rosenberg (LinkedIn, R&B Realty Group)
Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...