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.”

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.”

The property offers a heavily landscaped central plaza and views of the Intracoastal Waterway and the Atlantic Ocean. The buildings have floor plates that range in size from 11,000 sf to 15,000 sf. They allow for single- or multi-tenant configurations. Five stories of each six-story building have landscaped balconies. In addition, the complex’s surface and covered parking includes a 119-car underground parking garage.

Mellon Bank NA financed the acquisition. Mark Schoenholtz and Sherrod Brown of Eastdil Realty represented the seller and were the exclusive agents in the transaction. NAI/Merin Hunter Codman will be the property manager and leasing agent for Golden Bear.

Golden Bear Plaza got its name from professional golfer Jack Nicklaus, the “Golden Bear,” whose company, Golden Bear International, has been a tenant at the property since it was developed.

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