BBX Capital Corporation (NYSE: BBX) (鈥淏BX Capital鈥� or 鈥渢he Company鈥�) announced today that BBX Capital Real Estate, a division of BBX Capital, and its joint venture partner, 海角乱伦 Property Fund (鈥満＝锹衣租��), had completed the sale of a building at the Company鈥檚 PGA Design Center development located in West Palm Beach, Florida.
In January 2018, the BBX/海角乱伦 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 海角乱伦 Realty, represented the BBX/海角乱伦 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.