BBX Capital Corporation(NYSE:BBX) (“BBX Capital” or “BBX”) 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 BBX Capital’s PGA Station development located in Palm Beach Gardens, Florida.
In January 2018, the BBX/Stiles joint venture sold a 43,400-square foot building partially occupied by La-Z-Boy at the PGA Station development for approximately $7.4 million. As a result, BBX Capital recognized its share of the gain through equity earnings of approximately $1.3 million.
The BBX/Stiles joint venture at PGA Station originally encompassed the sale or lease of three buildings. As a result of the above sale, two remaining buildings are currently available for sale or lease.
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.
About BBX Capital Real Estate: BBX Capital Real Estate is active in the acquisition, ownership and management of real estate development projects and investments in joint ventures. BBX Capital Real Estate also holds legacy assets previously owned by BankAtlantic consisting of loans and charged off loans and judgments. For further information, please visit http://www.bbxcapital.com/bbx-capital-real-estate/overview/
About BBX Capital Corporation: BBX Capital Corporation(NYSE:BBX)(OTCQX:BBXTB), is a Florida-based diversified holding company whose activities include its 90 percent ownership interest in Bluegreen Vacations Corporation(NYSE:BXG) as well as its real estate and middle market divisions. For additional information, please visit www.BBXCapital.com.
About Bluegreen Vacations Corporation: Bluegreen Vacations Corporation(NYSE:BXG), founded in 1966 and headquartered in Boca Raton, Florida, is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. Bluegreen’s resort network includes 43 Club Resorts (resorts in which owners in the Bluegreen Vacation Club (“Vacation Club”) have the right to use most of the units in connection with their VOI ownership) and 24 Club Associate Resorts (resorts in which owners in its Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Through Bluegreen’s points-based system, the approximately 213,000 owners in its Vacation Club have the flexibility to stay at units available at any of its resorts and have access to almost 11,000 other hotels and resorts through partnerships and exchange networks. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is 90% owned by BBX Capital Corporation. For further information, visit www.BluegreenVacations.com.
About Stiles: Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, Fort Myers, Tampa and Orlando, Florida, and has a development office in Charlotte, North Carolina. Stiles is responsible for more than 43 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.