Galium Capital JV buys Palm Beach Gardens office building

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

TRD 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
Sergio Pino and rendering of 850 LeJeune

Sergio Pino shuts down construction site after workers test positive for Covid-19

Tortoise Family Office CEO Jake Geleerd, Pebb Enterprises President and CEO Ian Weiner, and Jupiter Innovation Center

Pebb and Tortoise Properties buy Jupiter Innovation Center for $32M

 Eric Castro, Bankers Healthcare Group, and 3700 Lakeside Drive (Credit: Bankers Healthcare Group)

Bankers Healthcare buys Miramar office building for new HQ

Laura Hines-Pierce and Jeff Hines

Hines CEO talks coronavirus, Opportunity Zones and WeWork

Rendering of the Oasis and Spotify founder and CEO Daniel Ek with David Weitz and Erik Rutter

Spotify inks lease for South Florida headquarters in Miami’s Wynwood

Steven Hurwitz and Ryan Severino

JLL’s top economist forecasts low probability of a recession

The health conscious grocer Earth Fare will close its stores

Earth Fare will close South Florida stores

1800 Southwest 27th Avenue

Freshwater Group buys Miami office building

arrow_forward_ios
Loading...