TA Realty sells Palm Beach Gardens office building for $17M

Gardens Pointe, anchored by Merrill Lynch, sold for $482 psf

Miami /
Oct.October 21, 2021 11:32 AM

3507 Kyoto Gardens Drive in Palm Beach Gardens, FL (TA Realty, iStock)

Real estate investment behemoth TA Realty sold the Merrill Lynch-anchored Gardens Pointe for $16.8 million.

Sunnyfield South bought the property at 3507 Kyoto Gardens Drive in Palm Beach Gardens, according to a release from one of the brokers.

Sunnyfield South is affiliated with Fort Lauderdale-based Levy Realty Advisors and also is managed by David Dimston and Amy Berko Illes, according to Florida corporate records.

It scored a $9 million acquisition loan through Principal Life.

Scott O’Donnell and Mike Ciadella of Cushman & Wakefield represented the seller. Jason Hochman and Ron Granite, also of Cushman, secured the financing for the buyer.

Alan Levy of Levy Realty Advisors represented the buyer.

The deal for the 34,867-square-foot building breaks down to $482 per square foot.

The four-story building was constructed in 2009, and the property includes a 60-spot parking lot, according to Loopnet. TA bought the building for $11 million in 2010, property records show.

Gardens Pointe was 95 percent leased at the time of sale, with tenants including KeyBank, according to the release.

Founded in 1982, Boston-based TA Realty has managed, purchased and invested in more than $30 billion of real estate on behalf of domestic and international institutional investors and other clients, according to its website. TA’s managing partners are James Buckingham, Michael Haggerty and James Raisides.

Its investments span asset classes throughout the U.S., including South Florida, where TA bought a Hialeah Gardens warehouse in April for $26 million.

The South Florida office market is showing mixed signals, as it emerges from remote work during the pandemic. While vacancy rates across the region remained relatively high at about 10 percent in the third quarter, landlords have been increasing rents as they hope for positive net absorption and an influx by out-of-state companies.

In Palm Beach County, the vacancy rate in the third quarter was 9.7 percent, down 0.3 percentage points from the same period of last year, according to a Colliers report. At the same time, the average asking rent hit $36.65 per square foot, up by 11 cents from the previous quarter.





    Related Articles

    arrow_forward_ios
    Gina Rinehart with 107 Dolphin Road and 6 Via Los Incas in Palm Beach
    Australian billionaire family linked to Palm Beach home purchases totaling $100M-plus
    Australian billionaire family linked to Palm Beach home purchases totaling $100M-plus
    A photo illustration of BH Group’s Isaac Toledano, Related Group’s Jorge Perez, and Marina Village in Riviera Beach (Getty, BH Group, Related Group)
    Riviera Beach CRA approves deal for Marina Village apartment building
    Riviera Beach CRA approves deal for Marina Village apartment building
    Tommy and Dee Hilfiger with 930 South Ocean Blvd in Palm Beach (Google Maps, Getty)
    Super broker Lawrence Moens sells Palm Beach estate to Tommy Hilfiger for $37M
    Super broker Lawrence Moens sells Palm Beach estate to Tommy Hilfiger for $37M
    1800 West Indiantown Road in Jupiter, PGIM's Eric Adler with 12503-12681 Miramar Parkway in Miramar and Orion Real Estate Group's  Kevin Sanz with 13605-13619 South Dixie Highway in Pinecrest
    South Florida retail vacancies drop, rents rise in the fourth quarter
    South Florida retail vacancies drop, rents rise in the fourth quarter
    Howard Elfman, Mauricio Umansky and Santiago Arana
    The Agency returns to Palm Beach County
    The Agency returns to Palm Beach County
    Savanna's Chris Schlank with rendering of Olara
    Savanna launches condo sales at Olara in West Palm
    Savanna launches condo sales at Olara in West Palm
    From left: Landstar Development Group's Virginia Cepero, Rosa Eckstein Schecter, and David Serviansky along with a rendering of Avenir in Palm Beach Gardens (Getty, Landstar Development Group)
    Landstar pays $57M to add 857 acres to Avenir in Palm Beach Gardens
    Landstar pays $57M to add 857 acres to Avenir in Palm Beach Gardens
    From left: Prologis' Hamid Moghadam, MG3 Group’s Marcelo Saiegh, and TA Realty's James Buckingham (Getty, Prologis, MG3 Group, TA Realty)
    South Florida industrial market softens, rents rise again in fourth quarter
    South Florida industrial market softens, rents rise again in fourth quarter
    arrow_forward_ios

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

    Loading...