Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M

The property was developed by golfer Jack Nicholas

NAI/Merin Hunter Codman Chairman Neil Merin and Golden Bear Plaza
NAI/Merin Hunter Codman Chairman Neil Merin and Golden Bear Plaza

UPDATED, May 27, 2:10 p.m.: A Palm Beach Gardens office complex built by Jack Nicklaus’ development company sold for $49.8 million.

Terra Funding GB, tied to Alliance HSP, sold the 243,000-square-foot Class A office complex for $204 per square foot to a joint venture between Waterfall Asset Management and MHCommercial Real Estate Fund, according to a press release. The Waterfall Asset Management and MHCommercial Real Estate Fund bought a leasehold interest in Golden Bear Plaza, which means the group only purchased the office buildings, but not the land.

The seller was represented by the CBRE Capital Markets team of Christian Lee and José Lobón.

The property, including the land, last sold for $62.3 million in 2017, according to a release.

Golden Bear Plaza consists of three buildings developed between 1985 and 1990 by the development firm of famed golfer Jack Nicklaus. The property has panoramic views of the Intracoastal Waterway and the Atlantic Ocean. Tenants include AT&T, Otis Elevator Co., Pike Electric, Dycom Industries, NextEra Energy, SlimFast and Zimmer Biomet 3i. The property is 90 percent occupied, according to the release.

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NAI/Merin Hunter Codman will provide property management and leasing services for the new ownership group.

MHCommercial was formed in the fall of 2019 by Dung Lam, Neil Merin and Jordan Paul, principals of West Palm Beach-based NAI/Merin Hunter Codman. On the Palm Beach Gardens deal, the firm partnered with Waterfall, a New York-based registered investment advisor with about $8.8 billion in assets under management, according to the release.

Bryn Mawr, Pennsylvania-based Alliance HSP is led by Clay Hamlin, III, Jay Shidler, and Richard Previdi. Through its affiliates, the company owns or has invested in over 2,000 properties with a total of more than 150 million square feet, according to its website.

Correction: A previous version of the story incorrectly stated that the property sold at a loss.