BBX Capital Real Estate and Stiles Joint Venture Complete the Sale of a Building at PGA Design Center in West Palm Beach, FL
Posted on 6/15/2018BBX Capital Corporation (NYSE: BBX) ("BBX Capital" or "the Company") announced today that BBX Capital Real Estate, a division of BBX Capital, and its joint venture partner, Stiles Property Fund ("Stiles"), had completed the sale of a building at the Company's PGA Design Center development located in West Palm Beach, Florida.
In January 2018, the BBX/Stiles joint venture completed the transaction to sell a 43,400-square foot building partially occupied by La-Z-Boy at the PGA Station development. The purchase price of the sales transaction was approximately $7.4 million. BBX Capital recognized 40% of the joint venture gain through equity earnings, or approximately $1.3 million.
Dustin Ozga, Vice President of Stiles Realty, represented the BBX/Stiles joint venture in the disposition (or represented the Seller) and Scott Weprin of Michael Falk & Company co-brokered the sale (or represented the Buyer, Precise Property). BBX Capital Real Estate is the master developer of PGA Station. Future plans for the development include three buildings encompassing approximately 188,000 square feet of Class A office space.