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248,879-SF Office Complex Fetches $32M

PALM BEACH GARDENS, FL-A fund sponsored by Berwind Property Group Ltd. paid about $129.58 per sf for the 60%-leased property. BPG plans to invest $2 million in improvements on the buildings and increase their occupancy.

By Melissa Bogdany | Updated on December 21, 2003

PALM BEACH GARDENS, FL-Golden Bear Plaza, a 248,879-sf office complex the city, has been sold for nearly $32.3 million. BPG Investment Partnership VI, a $384-million private equity fund sponsored by Berwind Property Group Ltd. of Philadelphia, paid approximately $129.58 per sf for the property. The seller was a joint venture with a New York City-based fund manager.

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.”

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