By Timea Papp
CBRE brokered the sale of Golden Bear Plaza, a Class A office campus totaling 245,673 square feet in Palm Beach Gardens, Fla. Equus Capital Partners Ltd. sold the three-building asset in a $62.3 million deal to an affiliate of Alliance Partners HSP, the East Coast operating platform of The Shidler Group.
Notable amenity base
Located at 11760, 11770 and 11780 U.S. Highway 1 on Palm Beach County’s Prestige Coast, the office park features on-site property management, a fitness center, private exterior terraces, floor-to-ceiling windows, move-in ready suites, an upgraded garage and covered parking. Jack Nicklaus’ company developed the property on a 10-acre site between 1985 and 1990.
Vice Chairman Christian Lee and Senior Vice President José Lobón of CBRE’s Capital Markets team represented the seller in the transaction, while Neil Merin, chairman at NAI Merin Hunter Codman, worked on behalf of the buyer. Golden Bear Plaza previously changed hands in 2003, when Equus Capital Partners purchased it from Barrow Street Capital for $32.3 million, Yardi Matrix shows. The complex provides access to Interstate 95, the Florida Turnpike, Palm Beach Garden’s residential communities and is adjacent to Oakbrook Shopping Center.
“Golden Bear’s strategic location on the east side of the PGA Boulevard Bridge makes it the Prestige Coast’s only institutional office building and the logical office address for wealthy decision-makers who live in Jupiter, Sea Colony, Juno Beach, and the adjacent Lost Tree Club,” said Lee, in prepared remarks.
Image courtesy of Yardi Matrix