December 11, 2018 – Holliday Fenoglio Fowler, L.P.(HFF) announces the $25.1 million sale and the financing and joint venture equity raise for 3001 PGA Boulevard, a 67,500-square-foot, Class A boutique office building in Palm Beach Gardens, Florida.
The HFF team represented the seller, GLL Real Estate Partners, and procured the buyer, Owens Realty Capital. Additionally, HFF worked on behalf of Owens Realty Capital to identify a joint venture equity partner in Galium Capital, for the acquisition of the property. Working on behalf of the partnership, HFF also arranged a seven-year, fixed-rate acquisition loan through Regions Bank.
Completed in 2006, 3001 PGA Boulevard features institutional-quality construction and finishes, classical Mediterranean revival-style architecture, wrought iron balcony accents and a grande porte cochère at the building’s entrance. The property is 95 percent leased to tenants, including Nason, Yeager; Seacoast National Bank; McNicholas & Associates and TEKsystems, among others. The three-story asset fronts PGA Boulevard, which has a daily traffic count of more than 41,000 vehicles and is an outparcel of The Gardens Mall, which features upscale retailers such as Saks Fifth Avenue, Nordstrom and Bloomingdales. 3001 PGA Boulevard is situated within an amenity-rich location close to Downtown at the Gardens, PGA Place, Legacy Place and the affluent waterfront and golf communities of Lost Tree Village, Seminole Golf Club and Ballen Isles.
The HFF investment advisory team representing the seller included senior managing director Hermen Rodriguez, senior director Ike Ojala and director Tracey Goo.
The HFF debt and equity placement team representing the buyer included senior managing director Michael Weinberg and managing director Rebecca Van Reken.