The complex, located on 10 acres along US Highway 1 one block north of PGA Boulevard, was built in phases between 1985 and 1989. It has about 246,335 sf of office space and a 2,544-sf, single-story bank building. The three-building complex was 60% leased at press time.

BPG plans to invest $2 million in improvements to the property in an effort to increase the complex's occupancy. Those improvements will include cleaning the buildings' facade, repainting window mullions, putting on new roofs, improving landscaping and renovating the common areas of the buildings, according to David Barndt, a vice president of BPG, who will be responsible for the asset management of the complex. "We plan on repositioning this property to the top of the market."

John Brogan, the vice president of BPG who oversaw the property's acquisition, says in a statement: "We are pleased to acquire such a unique asset. Golden Bear Plaza allows us to expand our presence in a rapidly growing South Florida market and provides us the opportunity to utilize our hands-on operating approach to increase occupancy and value."