Pebb Enterprises buys Boca Raton office building for $15M
Group recently bought two other Boca Raton properties
Pebb Enterprises bought a Boca Raton office building for $14.52 million and fully leased it, as it continues to invest in the area.
Pebb bought the property at 5900 Northwest Broken Sound Parkway at the Park at Broken Sound business park, according to a news release.
Seller 5900 Broken Sound LLC is managed by Dennis Lynde, records show. It bought the property for $11.6 million 2016.
The three-story, 77,340-square-foot 5900 Building had been vacant. Pebb secured a tenant: Infinity Sales Group, which partners with Fortune 500 companies to market their products and services. ISG is set to open its headquarters there under a long-term lease starting in March 2022.
Jeff Kelly of CBRE represented the seller, and Steven Leeds of Green Capital Realty Advisors represented ISG in the lease.
The Park at Broken Sound is a 700-acre mixed-use business park. Pebb, along with Tortoise Properties, bought ADT’s global headquarters at the park in 2018 for $42 million.
The latest purchase marks Pebb Enterprises‘ third significant acquisition in Boca Raton this month. The group, led by President and CEO Ian Weiner, bought the office building at 1801 North Military Trail for $18.4 million.
It also paid $2.4 million for a nearly 2-acre site where it plans to develop Restaurant Row next to Town Center at Boca Raton, according to a news release for that deal. Two spaces are pre-leased to Pubbelly Sushi and El Camino, with Pebb negotiating with other restaurants for the remaining space.
Construction is expected to be completed in the third quarter of 2022.