PEBB Enterprises, a real estate development and investment firm based in Boca Raton, has been purchasing a number of commercial real estate properties in the Boca area the past few years.
A number of their purchases have involved joint ventures with Banyan Development. The two builders have undertaken a number of projects west of the turnpike in unincorporated areas of Boca Raton, Delray Beach and Boynton Beach.
One purchase came in 2021 when the two companies paid $10.3 million to acquire Boca Lake, a mixed-use 7.2-acre development west of Boca Raton on Glades Road.
Boca Lake includes a two-story, 30,930-square-foot retail/office building, a 5,000-square-foot SunTrust branch and a two-story, 5,340-square-foot event-space facility. The buildings were constructed in 1986 and 1987.
Here’s a look at some of PEBB’s other significant moves the past few years:
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- Purchase price: $2.35 million for the property and a $10.46 million construction loan.
- Purchase date: July 2, 2021.
- Square footage: 22,500-square-foot project with storefronts.
- Tenants: Pubbelly Sushi and El Camino, Shabibi (Lebanese-inspired restaurant from award-winning chef and restaurateur Ralph Pagano), and Fiolina Pasta House (Italian-inspired restaurant from Fabio Trabocchi, a James Beard award-winning chef who owns Michelin-starred restaurants).
- The concept:Five new restaurants are coming to Boca Raton next year thanks to a real estate investment firm’s push to create “Restaurant Row” in the city’s western reaches. “What we’re trying to do is bring a more urban restaurant environment into the suburbs,” said Ian Wiener, CEO of PEBB Enterprises. “We’re seeking to attract new concepts from South Florida and beyond to tap into the changing demographics of Boca Raton.”
- Opening date: Fully leased as of Nov. 8, 2022 and set to open summer 2023.
FAU Research Park: Seven buildings purchased
- Purchase price: $37.5 million.
- Purchase date: April 28, 2022.
- Square footage: Purchased 308,305 square feet.
- Tenants: The property was purchased in Florida Atlantic University’s Research Park and consists of a portfolio of seven multi-tenant office buildings. It is a joint venture with Banyan Development..
- The concept: The Research Park is a hub for tech start-ups that promotes scientific research and development in affiliation with Florida Atlantic University. Since PEBB made the purchase, 119 new jobs have been created, a 13% increase from 2021. More than 50% of companies in the park offer internships and employment to FAU students.
Meridian Office Center: Space in The Park at Broken Sound
- Purchase price: $29.85 million.
- Purchase date: June 30, 2022.
- Square footage: 11.14-acre property.
- Tenants: Within the Park at Broken Sound, a 131,680-square-foot property with two single-tenant net leased buildings.
- The concept: PEBB’s third acquisition in the mixed-use business park, which is situated off Interstate 95. Its first building was a vacant office building that PEBB fully leased out to Infinity Sales Group. The latest deal was a partnership between PEBB and Contrarian Capital Management.
Mainstreet at Boynton Beach: Sprouts, Wawa and a congregate living facility
- Purchase price: $33 million.
- Selling date: Sept. 8, 2022.
- Square footage: 52,152 square feet.
- Tenants:The retail center located at a key intersection west of Boynton Beach on Jog Road and Boynton Beach Boulevard was purchased with Banyan Development, developed and then ultimately sold. The tenant roster is 90.5% full and features national retailers like Sprouts grocery store, AT&T, Wawa, Crown Wine & Spirits, F45, Capitol Carpet & Tile and GoodVets.
- The concept: The project expects to be a major catalyst for the area. PEBB worked closely with the Coalition of Boynton West Residential Associations to design the project. Under construction to the north of Mainstreet is a large congregate living facility. Residents will be able to easily walk to the nearby stores and restaurants.
Office Depot campus: Buying up a portion of the space in Boca
- Purchase price:$104 million joint acquisition with BH Group.
- Purchase date: April 5, 2023.
- Square footage: Located at 6600 N. Military Trail, the Boca Raton campus includes 650,000 square feet of office buildings on nearly 29 acres.
- Tenants: The transaction includes an agreement to lease back a significant portion of the campus to Office Depot.
- The concept: Said Isaac Toledano of BH Group: “This acquisition is a true win/win for our partnership. It enables a major employer to remain headquartered in Boca Raton, while unlocking the vast potential of the remaining office space and overall property.”
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