realestate

Palm Beach Gardens' Seacoast Building Sold to Galium for $30 Million

Owens Realty Capital and Galium Capital sell Seacoast Banking Centre in Palm Beach Gardens for $30.3M.

O
wens Realty Capital and Galium Capital have sold the Seacoast Banking Centre building in Palm Beach Gardens to Andiamo Capital for $30.3 million, a deal that comes amidst slower office investment sales in South Florida due to elevated interest rates and market doubts. The property at 3001 PGA Boulevard was completed in 2006 on a 5.6-acre lot and features three stories with 70,700 square feet of space. Owens Realty Capital, led by CEO Bob Owens, and Galium, led by managing partners Jacques Bessoudo and Iser Rabinovitz, had acquired the building for $25.1 million in 2018.

    The sale marks an off-market deal, with Andiamo tied to a family office, according to sources. The property is currently leased to tenants including Seacoast Bank, McNicholas & Associates, and Janney Montgomery Scott. South Florida's office market experienced a surge from late 2020 through 2022 due to out-of-state companies moving in, but this demand has not translated to robust investment sales.

    The Federal Reserve's interest rate hikes have increased financing costs, leading to a bid-ask gap that has stopped deals from closing. Suburban properties have become more attractive as a result, with Galium selling the Lake Shore Plaza II for $17 million in September and YMP Real Estate paying $26 million for Commercial Place I and II in August.

Palm Beach Gardens' Seacoast Building sold to Galium for $30 million.