Alan Levy, Broker & President of Levy Realty Advisors has arranged the acquisition of Gardens Pointe on behalf of the buyer, Sunnyfield South LLC. Located at 3507 Kyoto Gardens Drive, Gardens Pointe is a boutique Class A office building totaling 34,867 square feet located in Palm Beach Gardens, Florida. The final sale price was $16.8 million, or $482 per square foot.This is now the 2nd Class A Office Building that Levy has sold to their Private Family Wealth clients in Palm Beach Gardens.
“Class A office space continues to be a sought after asset class, despite the changing office environment as a result of an increased remote work trend among office users. We are pleased to add Gardens Pointe to our portfolio and look forward to acquiring more assets like this in the future,” Levy said.Scott O’Donnell, Mike Ciadella, and Dominic Montazemi of Cushman & Wakefield represented the seller, Regency Gardens Pointe LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $9 million in acquisition financing through Principal Life on behalf of the buyer. Gardens Pointe includes lush landscaping and balconies with panoramic lake views and lakefront walking paths, as well as a boardwalk to Downtown Palm Beach Gardens which offers restaurants, retail and various entertainment options. The property was 100% leased to seven tenants including Merrill Lynch and KeyBank at the time of the sale.
Moving forward, Levy and his team have been awarded the exclusive right to manage and lease the property on behalf of the new ownership.