Real estate investment firm Pebb Enterprises bought a Boca Raton office building for $18.4 million in an off-market deal, The Real Deal has learned.
Boca Raton-based Pebb, led by president and CEO Ian Weiner, purchased the building at 1801 North Military Trail, according to a press release. Property records show the seller is North Circular Boca Raton LP.
The 1801 Building is a three-story, 61,188-square-foot multi-tenant office building with a 280-space structured parking garage. The deal equates to about $300 per square foot.
Keith O’Donnell of Avison Young, and Mark Rubin from Colliers International Florida represented Pebb in the deal.
The seller, which lists an Ontario, Canada address, is managed by Michael Mammon, president of Ontario-based Blue Sky Management Limited. The office building last traded for $15.1 million in 2003, records show.
The building was built in 1999 and is 74 percent leased, according to the release. Current tenants include BNY Mellon/Pershing, IberiaBank and Morgan Stanley.
Pebb plans to renovate the lobby, common areas, bathrooms and landscaping of the building and will add a signature outdoor feature to the property, the release said.
Pebb Enterprises has been active in South Florida. In June, the firm purchased a shopping center in Delray Beach for $10.5 million, according to property records.
In October, Pebb sold a Tesla dealership in West Palm Beach for $12.9 million.
A number of office buildings have traded in South Florida in recent days. Among them, Tricera Capital, NDT Development, New England Development and Rockpoint Group purchased One Clearlake in West Palm Beach for $60.7 million; Clematis Banyan Investors bought Galleria International in West Palm Beach for $20 million; and a joint venture paid $225 million for One Biscayne Tower in downtown Miami.