Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan

The property will also include a 158-unit adult living facility

Miami /
Apr.April 23, 2020 01:30 PM
 6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner

6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner

A joint venture between Pebb Enterprises and Banyan Development scored a $27 million construction loan for a planned grocery-anchored Boynton Beach mixed-use project.

The joint venture secured the loan from Buffalo, N.Y.-based M&T Bank to build its Mainstreet at Boynton project at 6405 West Boynton Beach Boulevard, according to a press release. The project will be anchored by the organic grocer Sprouts, which is leasing 26,000 square feet. The convenience store Wawa will also occupy an outparcel at the property, according to the release.

Plans for the project include a 158-bed, 117,000-square-foot adult living facility. The developers are also negotiating letters of intent with several retail and restaurant tenants, and the project is currently 85 percent pre-leased, according to the release.

The partnership bought the 16-acre property for $12 million in 2019, records show.

Jupiter-based Mason Construction is the project’s general contractor. Construction is expected to be completed during the second quarter of 2021, according to the release.

Boca Raton-based Pebb Enterprises is a private equity real estate investment company that focuses on neighborhood, regional and power shopping centers, as well as suburban office buildings. The company recently partnered with Tortoise Properties to acquire one of Jupiter’s largest office properties, the Jupiter Innovation Center, for $31.45 million.

In Florida, construction is considered an “essential business” and is still allowed to continue during the coronavirus pandemic. Yet, some lenders are holding off on making construction loans due to uncertainty on pricing and market conditions.


Related Articles

arrow_forward_ios
3301 Quantum Boulevard in Boynton Beach and Apex Capital Investments CEO John Gaghan (JLL, Apex)
Apex Capital pays $37M for Boynton Beach office building
Apex Capital pays $37M for Boynton Beach office building
Publix-anchored shopping center in Boynton Beach trades for $17M
Publix-anchored shopping center in Boynton Beach trades for $17M
Publix-anchored shopping center in Boynton Beach trades for $17M
Blackstone chair, CEO and co-founder Stephen Schwarzman and RangeWater Real Estate CEO Steven Shores with the complex (Getty, LinkedIn via Shores, One Boynton)
Blackstone buys Boynton Beach apartment complex for $171M
Blackstone buys Boynton Beach apartment complex for $171M
The Villas of Boynton Beach (Woodward Properties)
Woodward Properties buys Boynton Beach multifamily for $13M
Woodward Properties buys Boynton Beach multifamily for $13M
Movers & Shakers: Daniel Minkowitz joins Corcoran & more
Movers & Shakers: Daniel Minkowitz joins Corcoran & more
Movers & Shakers: Daniel Minkowitz joins Corcoran & more
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
Pebb Enterprises CEO Ian Weiner and 1801 North Military Trail in Boca Raton (Pebb Enterprises)
Pebb Enterprises buys Boca Raton office building for $18M
Pebb Enterprises buys Boca Raton office building for $18M
500 Ocean Apartments  at 101 South Federal Highway, Boynton Beach (Photo via LandSouth Construction)
Avanti buys Boynton Beach apartments for $105M
Avanti buys Boynton Beach apartments for $105M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...