Golden Bear Plaza in Palm Beach Gardens fetches big money

Golden Bear Plaza, the 245-673-square-foot office complex in Palm Beach Gardens, has changed hands for $62.3 million, brokerage CBRE Group said Monday.

The property at 11750 U.S. Highway 1 fetched $254 a square foot.

The new owner is Alliance Partners HSP, a unit of Shidler Group of Pennsylvania, CBRE said. Neil Merin of NAI Merin Hunter Codman and CBRE’s Christian Lee and José Antonio Lobón represented the seller, Equus Capital Partners, Ltd.

The office complex sold in 1997 for $51.5 million and in 2003 for $32.25 million, according to property records. The complex has nearly 42,000 square feet of empty space, CBRE said.

 

Author: Jeff Ostrowski

Jeff covers the economy, banking and biotech for The Palm Beach Post.

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