The Real Deal Miami

Pebb sells Toys ‘R’ Us in Royal Palm for $13M

One of first big transactions for Pebb since November tragedy

December 15, 2015 10:37AM
By Sean Stewart-Muniz

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An aerial view of the Royal Palm Beach Toys 'R' Us

An aerial view of the Royal Palm Beach Toys ‘R’ Us

Pebb Enterprises has sold its Toys ‘R’ Us property in Royal Palm Beach to a New Jersey real estate firm for $13 million.

The 62,045-square-foot store is located at 450 South State Road 7, next to several similarly sized retail properties and a large apartment development to the west.

Pebb, a commercial property firm based in Boca Raton, built the store in 2012 after paying nearly $2 million for the four-acre development site, according to Palm Beach County property records. Managing principal Bruce Weiner signed the deed transfer of ownership.

The buyer is a joint-venture between two principals: The Real Estate Equity Company, a New Jersey firm that purchases and builds retail, mixed-use and residential properties; and Steve Soder, a West Palm Beach-based investor.

Records show the deal also includes an acre of land, as well as parking behind the store.

This is one of Pebb’s first large transactions since the company faced tragedy in November. Seven Pebb employees had been on a cross-country trip scouting properties, when the plane they were on crashed into an Akron, Ohio, apartment building. All nine on board, including two Pebb principals and five employees, were killed.