A decade after boom, prime PGA center sells for discount

In a reminder of just how frothy commercial real estate values were a decade ago, a prime property at PGA Boulevard and U.S. 1 in Palm Beach Gardens just sold for 24 percent less than its 2006 price.

The 98,000-square-foot mixed-use property at 2000 PGA Blvd. and a 3.2-acre vacant lot sold last week for $28.1 million, according to property records. The center last sold in 2006 for $36.8 million.

In the latest trade, the seller was Lionstone Investments of Houston. The buyer is Brian Waxman’s AW Property Co. of North Palm Beach. Waxman took a mortgage for $20.36 million on the property, according to property records.

Tenants at the property include a BB&T bank branch and a number of other retail and office users.

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