Pebb Enterprises has sold Buckingham Plaza, a new retail center the company developed in Royal Palm Beach, for $28.6 million.
The 91,000-square-foot development, at 394 South State Road 7, is fully leased to tenants T.J. Maxx, Michaels, Tuesday Morning and Shoe Carnival. An affiliate of Stockbridge Capital Group was the buyer, according to a press release. CBRE’s national retail investment group in Florida, led by Casey Rosen and Dennis Carson, represented the Pebb affiliate.
Pebb purchased the development site between 2012 and 2013, property records show. It’s adjacent to the Shoppes at Isla Verde in Wellington, which Pebb also owns. In the release, Rosen said CBRE arranged the sale while the property was under construction. It closed after the majority of anchor tenants had opened. The Habit Burger Grill and Tijuana Flats are also tenants, according to Pebb marketing materials.
Stockbridge Capital Group has other investments in South Florida, including a Hialeah shopping center it acquired last year for $23 million. The San Francisco-based firm sold a Margate retail center in January for $28 million, nearly double what it paid for the property in 2013. The real estate and investment management firm has about $9.8 million of assets under management as of September 2015, according to its website.
In December, Pebb sold a Toys ‘R’ Us property in Royal Palm Beach for $13 million, marking one of the first large transactions since the company faced tragedy in November. Seven Pebb employees, including two Pebb principals and five employees, were killed in a plane crash while on a cross-country trip scouting properties. – Katherine Kallergis