Bryn Mawr investment group Alliance Partners HSP has agreed to buy Golden Bear Plaza in Palm Beach Gardens in Florida for $62.3 million, writes Alexandra Clough for Palm Beach Post.

This is nearly double the amount paid by the current owner for the 243,000-square-foot, three building complex in December 2003.

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

The office complex was constructed thirty-two years ago by a group that included Jack Nicklaus. Later it was bought by Morristown’s GB Investors with Nicklaus continuing to maintain his corporate headquarters there.

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Lease rates range from $24 to $28 per square foot, plus taxes, maintenance, and insurance and the entire complex currently enjoys an occupancy level of 83 percent. This provides a stable income and also leaves significant upside potential for Alliance Partners to add more tenants going forward.

With the local office property market currently sitting at around 92 percent occupancy, it seems unlikely that the new owners will have any problem filling the remaining space.

Read more about the acquisition at Palm Beach Post by clicking here.

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