Stiles picks up Palm Beach Gardens office for $23M
96,000 sf building last sold for $25 million in 2006
November 24, 2015 05:15PMBy Katherine Kallergis
Palm Beach Gardens office building
An affiliate of Boston-based TA Realty has sold a Palm Beach Gardens office building for $23 million, Palm Beach County records show.
Stiles purchased the 4.5-acre site at 3250 PGA Boulevard through the LLC PGA Gardens Plaza. The bank building spans 96,920 square feet and was developed in 1987, according to property records. It last sold for $25 million in 2006, which means that the building sold at a loss.
The Gardens Plaza building was valued at $14.5 million, according to the Palm Beach County property appraiser.
Stiles is a real estate development firm with offices in Miami, Fort Myers, Tampa, Orlando and Charlotte, North Carolina. Stiles’ South Florida developments have included The Pointe in Palm Beach Gardens, Biscayne18 in Miami and Coral Landings in Coral Springs and Margate.
Stiles financed the deal with an $18.1 million mortgage. PNC Bank is the lender.
TA manages about 91 million square feet of commercial space and 12,300 residential units across the United States, according to its website. More recently, it sold the Doral Commons office building at 8550 Northwest 33rd Street in Miami for $13.1 million, more than double what it paid to acquire the property.
Source: The Real Deal