Pebb unloads Shoppes of Delray: $5.1M

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

TRD MIAMI /
Oct.October 23, 2015 03:45 PM

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.

 
 
 

Related Articles

arrow_forward_ios
William Dabbs

Contractor guilty of manslaughter in fatal shooting of his boss

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Craig Menin and 301 East Atlantic Avenue in Delray Beach (Credit: Google Maps)

Menin Development buys Johnnie Brown’s building in Delray Beach

9200 Rockybrook Way and Senada Adzem (Credit: Douglas Elliman)

Lakefront estate west of Delray Beach sells for $17M

Daily Digest Miami

LeBron James’ Unknwn store is opening Dec. 5, Palm Beach Gardens showroom trades for $10M

Walgreens at 3200 South Federal Highway

Walgreens sells Delray Beach store on Federal Highway

Midtown Delray, Todd Rosenberg

Pebb Capital pays $40M for once-named Midtown Delray site

Rendering of Ocean Delray

Ocean Delray nabs $73M construction loan

arrow_forward_ios
Loading...