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.
About GLL Real Estate Partners
GLL Real Estate Partners GmbH (GLL) is a real estate fund manager, providing institutional investors with access to investment opportunities in office, retail, and industrial property. GLL was formed in 2000 by three senior executives of HypoVereinsbank, in a joint venture with Lend Lease Corporation and Assicurazioni Generali. Over nearly two decades GLL has led over €14 billion of investment into the real estate sector and built an international team of ~130 investment professionals across 16 locations in 12 countries. In 2018 GLL became the real estate equity investment platform for Macquarie Infrastructure and Real Assets, a division of the Macquarie Group. On behalf of its investors, GLL invests in Europe (Central and Eastern Europe, the United Kingdom and Western Europe), the Americas (The United States, Peru, Chile, and Mexico) and Australia. GLL has established local offices and strong networks in these key markets – helping it to identify opportunities that deliver value for its institutional client base. Due to its track record, GLL is recognized as a trustworthy and dependable investment partner. This reputation offers GLL with access to strong deal flow, and provides vendors, banks, and other market participants with confidence when interacting with GLL. Today, GLL is trusted to manage €7 billion on behalf of investors.
About Owens Realty Capital
Owens Reality Capital is a boutique investment management firm based in Orlando, Florida, that owns, develops and operates commercial properties throughout the east coast of the US alongside its operating partner, Owens Realty Services. Owens Realty Services provides commercial real estate services for more than 40 million square feet of commercial real estate with a value of more than $8 billion in real estate net worth. Services include investment property management, public sector facility management, facility maintenance, commercial sales and leasing brokerage, arena maintenance management as well as janitorial maintenance services. The company employs more than 1,000 real estate industry professionals throughout the United States. To learn more about Owens Realty Capital, please contact Palmer Vietor, Vice President, at pvietor@owens-services.com.
About Galium Capital
Galium Capital is a real estate investment and development company based in Miami, Florida, with $300 million in assets under management. Led by Jacques Bessoudo and Iser Rabinovitz, Galium is an active value-add investor in the residential and commercial sectors. Learn more at galiumcapital.com.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $125 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,500 banking offices and 2,000 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
