7/12/2007

Investors buy Palm Beach Gardens Class A for $21 million

by
A private investment group represented by Neil E. Merin of NAI Merin Hunter Codman purchased the Grand Bank Center in Palm Beach Gardens, Florida from Munich, Germany-based GLL Properties for $21 million.

According to NAI/Merin Hunter Codman, the $450 price-per-square-foot set a record for suburban office buildings in South Florida.

The five-year old, three story building houses 46,300 square feet of office space and is 100% leased. Major tenants include Grand Bank & Trust of Florida and Fidelity Investments.


GLL Properties is a subsidiary of GLL Real Estate Partners Gmbh. The firm is based in Munich with offices in Maplewood, New Jersey and Walnut Creek, Calif.


Address: 3601 PGA Boulevard, Palm Beach Gardens

Size: 46,300 sf

Built: 2002

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Filed Under: Office

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