The Real Deal Miami

Pebb unloads Shoppes of Delray: $5.1M

In past three months, firm also sold University Commons and Horizons Office Building in SoFla

October 23, 2015 03:45PM
By Ina Cordle

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Shoppes of Delray

Pebb Enterprises has sold Shoppes of Delray for $5.1 million, marking the third South Florida property the Boca Raton-based private equity real estate investment firm has offloaded since July.

Perkins Realty Management LLC bought the 23,094-square-foot, multi-tenant retail center, at 14400-14428 Military Trail in Delray Beach, CBRE announced on Friday.

Pebb Enterprises Shoppes of Delray, LLC, affiliated with Pebb Enterprises, hired CBRE to market the asset for sale and negotiate the transaction. The buyer was represented by Greg Matus, regional managing partner-South Florida, retail investment associate Peter Crane, bot of Franklin Street Real Estate Services, and Tim Neal of Neal Realty & Investments.

Palm Beach County property records show the Pebb affiliate purchased the shopping center in 1996 for $986,300. The latest sale has not yet been recorded.

Fort Lauderdale-based David J. Donnellan and Patricia Friend of CBRE’s Investment Properties Group handled the sale for Pebb.

“The market for well located, unanchored retail centers in in-fill locations is in very high demand,” said Donnellan, senior vice president of CBRE.

The center is nearly 90 percent occupied with such tenants as Radio Shack, Cucina Fra Divolo Restaurant, China Garden Restaurant and Atlantic Insurance.

Pebb Enterprises is a real estate investment, development and management company. In its South Florida portfolio are the Boca Corporate Center, Delray Commons, and land in Wellington and Royal Palm Beach, according to Pebb’s website.

In July, Pebb Enterprises sold University Commons, a 7.6-acre shopping center for $10.7 million to an entity tied to Bar Invest Management Services.

And in September, Pebb sold Horizons Office Building in West Palm Beach for $10.2 million. The buyer was Palm Beach Gardens-based AW Property Co.

Bruce Weiner, managing principal of Pebb Enterprises, could not be reached for comment on Friday afternoon.