JUST IN: Philly group offers $62.3 million for Golden Bear Plaza


The owner of Golden Bear Plaza just struck gold.

An investment group out of Philadelphia is under contract to pay a reported $62.3 million for the three-building complex in Palm Beach Gardens.

That’s nearly double the price paid for the Class A offices in December 2003, when the building traded hands for $32.3 million.

READ ALSO: Developer ends plans for five tall towers at Prospect Place

MORE: Steak house with a fabled history coming to North Palm Beach

Real estate sources say the buyer is Alliance Partners HSP, a private equity group out of Bryn Mawr, Pa. If the deal closes, it would mark a fast sale. The property only began marketing in early March.

The rich price reinforces demand for existing office space, particularly in prime locations such as Palm Beach Gardens.

“It’s a Class A suburban office building and there are little to none in the area,” said Rebel Cook of Rebel Cook Realty in Jupiter. “Plus, the views are gorgeous looking east to the Atlantic Ocean and west to the sunset.”

Neil Merin, chairman of NAI/Merin Hunter Codman declined to comment. Merin marketed the property with CBRE’s Christian Lee and Josen Lobon.

Golden Bear Plaza is a 243,000-square-foot Class-A, three-building office complex. It is just north of PGA Boulevard on US Highway One.

Golden Bear, isn’t a new property, but it is fairly famous due to its moniker.

The first building was built in 1985 by a group that included golf great “the Golden Bear,” Jack Nicklaus. Since then, the property has traded hands several times. The current owner is GB Investors LLC, out of Morristown, Pa.

Although Nicklaus no longer has an ownership interest in the complex, Nicklaus still has his corporate headquarters there, which includes his renowned golf course design firm, Nicklaus Design.

In a March interview, Merin predicted the sale would range from between $65 million to $68 million. He was close, off by less than $2 million.

With an 83 percent occupancy level, the building still has some room for more tenants, creating upside potential for the next owner. This is especially appealing to potential buyers because the area office market is 92 percent leased, meaning there is very little vacant office space available.

Cook said lease rates at Golden Bear range from $24 to $28 per square foot, not including taxes, maintenance and insurance.



Reader Comments ...


Next Up in

New head of Palm Beach Atlantic franchising center wrote the book
New head of Palm Beach Atlantic franchising center wrote the book

John Hayes knew next to nothing about franchising when he agreed to write a book on the topic three decades ago. Now, he’s such an expert on the topic that he runs Palm Beach Atlantic University’s Titus Center for Franchising. In the 1980s, Hayes was a journalism professor at Temple University when he was hired to co-author the book &ldquo...
Hires, promotions in Palm Beach County business, non-profits
Hires, promotions in Palm Beach County business, non-profits

COMMUNITY SERVICE The Women’s Chamber of Commerce of Palm Beach County has named Selena Smith executive manager. Smith is principal of Quad S Solutions. She has held executive-level positions with companies and nonprofits including Roger Dean Stadium, Palm Beach Kennel Club, HomeSafe and Families First of Palm Beach County. Smith is a graduate...
If association president won’t follow will of board, replace him

Question: I live in a new townhome golf cart community with a newly established HOA, of which I am the secretary. The community has one road with a gated entrance and a posted 20 mph speed limit. We have mailed several newsletters to owners regarding speeding, which is dangerous for pedestrians and children. The board finally voted to install one custom...
Palm Beach County unemployment rate hits lowest level in a decade
Palm Beach County unemployment rate hits lowest level in a decade

Palm Beach County unemployment hit its lowest point in a decade in October, the state labor department said Friday. Palm Beach County’s jobless rate was just 3.6 percent, down from 3.7 percent in September and 5 percent a year ago. The last time the region’s unemployment fell so low was early 2007. “October’s hiring burst largely...
4 of the best ways to turn your home into a cash cow
4 of the best ways to turn your home into a cash cow

Your house is a large expense with many associated costs like a mortgage payment, insurance, maintenance and more. It provides a roof over your head, of course, but since it usually costs you money each month, why not put it to work for you and earn some cash in the process? The following are four ways your house can make you money: If you're planning...
More Stories