With many businesses closed for the last few months, the Palm Beach County commercial real estate market has been relatively quiet since the coronavirus outbreak. Now, with the state starting to reopen under Phase 2, communities are beginning to see activity in this area. Here is the latest Palm Beach Gardens commercial real estate activity.
Golden Bear Plaza
There are few names more synonymous with the great game of golf than legendary Jack Nicklaus. Nicknamed “The Golden Bear,” the legendary Nicklaus is considered one of the greatest golfers of all time. Having won 73 PGA Tour Titles and a record 18 major championships, the retired legend now calls Jupiter, Florida, home. However, Niklaus is hardly inactive. In addition to designing golf courses, and spearheading charitable work in the state, Nicklaus also owns a development company. Recently, one of Nicklaus’s buildings, “Golden Bear Plaza,” made the news when it sold for a considerable sum in a restrictive market.
The Golden Bear Plaza Sale
Golden Bear Plaza is a 243,000 square-foot Class A Office Complex that consists of three buildings developed between 1985 and 1990 by Nicklaus’s firm. The complex has changed hands several times since its development. Although Nicklaus no longer has an ownership interest in Golden Bear Plaza, his famous golf course company “Nicklaus Design” at one time had its corporate headquarters there.
Commercial real estate is in short-supply in Palm Beach Gardens. Golden Bear Plaza is one of only a few Class A suburban office buildings in the area. The buildings went on the market in March and recently sold for $50 million. In a prior sale, the land and buildings sold for $62.3 million. However, this sale was for the premises only. The transaction was considered to be remarkable in the current market. According to a recent report, Golden Bear Plaza is now at 90% occupancy. The property is close to PGA Boulevard and The Gardens Mall and offers stunning views of the Intracoastal Waterway and the Atlantic Ocean. Current tenants include AT&T, SlimFast, Otis Elevator Co., NextEra Energy Pike Electric, Zimmer Biomet 3i, and Dycom Industries.
Amazon Is Opening a Store in Palm Beach Gardens
Palm Beach County will be getting its first Amazon store this year at The Gardens Mall. The online giant will be leasing space for Amazon 4-star—a retail store offering the site’s most popular products that have been given a rating of 4 stars or higher. The location will carry games, toys, books, electronics, kitchen items, and home goods in addition to its signature items like Alexa. The store will be in the former Mayor’s Jewelry location and is scheduled to open by the end of the year.
At Rabideau Klein, David E. Klein Esq. and Guy Rabideau, Esq. are dedicated, Florida Bar Board-Certified Real Estate Attorneys with the local expertise and experience you need to ensure that your interests are protected during your Palm Beach County real estate transaction. Contact Rabideau Klein today to discuss your real estate legal needs.