Johannes M. Pennings bought a two-bedroom, two-bath condo at 2575 S. Ocean Blvd. in Highland Beach from Casey A. Forte and Kari R. Burgess for $425,000 on Dec. 11.

Forte paid $250,000 for the 2,240-square-foot Unit #107S in Dec. 2000.

Mr. Pennings is a professor of management at the Wharton School at the University of Pennsylvania. He previously taught at Columbia University and Carnegie Mellon University.

He received his B.A. from the University of Utrecht in 1965, M.A. from the University of Leiden in 1968, and his Ph.D. from the University of Michigan in 1973.

Sales at the Townhouses of Highland Beach fell 16.7 percent from 2006-2007. The median sales price rose 47.9 percent during that time period.

There were 165 condo sales in Highland Beach in 2008, with a median sales price of $540,000.

Address: 2575 S. Ocean Boulevard, Unit: 107S
Buyer(s): Johannes M Pennings
Seller(s): Casey A Forte and Kari R Burgess
Sale date: Dec. 11, 2008