Pebb sells West Palm Tesla dealership for $13M

Latest in a handful of recent transactions involving car dealership properties in SoFla

Pebb’s Ian Weiner and 5544 Okeechobee Boulevard, West Palm Beach (Pebb Enterprises)
Pebb’s Ian Weiner and 5544 Okeechobee Boulevard, West Palm Beach (Pebb Enterprises)

Pebb Enterprises sold a 23,000-square-foot Tesla dealership in West Palm Beach, which it developed itself.

The Boca Raton-based real estate investment sold the Tesla Service Plus for $12.87 million, according to a company release. The property at 5544 Okeechobee Boulevard was built in 1986 and sits on 3.62 acres. Pebb bought the site for $5 million in 2017.

The sale was slightly less than the $13 million asking.

The buyer was an affiliate of property manager Hanson & Hanson Builders of Castro Valley, California.

Sign Up for the undefined Newsletter

Putnam Daily of Preserve West Capital represented Pebb in the sale. Newmark Cornish & Carey represented the buyer.

Pebb developed the site as part of a partnership that included Tesla sites in Minnesota, North Carolina and Pennsylvania, according to the release. Florida represents the second largest share of new Tesla sales nationwide, according to a listing for the property.

Pebb is also involved in a planned grocery-anchored Boynton Beach mixed-use project that received a $27 million construction loan in April. And earlier this year, it partnered with another company to buy one of Jupiter’s largest office properties for $31 million.

The Tesla dealership isn’t the only car dealer to sell in South Florida in recent months despite the Covid-caused sales slowdowns. In September, the family office of two Maryland billionaires paid $90.5 million for car dealerships in Margate, Tamarac and West Palm Beach that were owned by Arrigo Automotive Group.

A used car dealership called Off Lease Only also sold its Fort Lauderdale and West Palm Beach locations in a $50 million deal last month. And in July, a New Jersey auto dealer paid $21 million for the properties housing Honda of Aventura and Aventura Chrysler Jeep Dodge Ram dealerships in North Miami Beach.