Pebb Enterprises and Banyan Development sold a Synovus Bank-leased outparcel for $5.1 million at their mixed-use Mainstreet at Boynton Beach project.
Pebb and Banyan, which are jointly developing the Mainstreet project with a Sprouts retail anchor, sold the 2,500-square-foot Synovus building at 9844 Jog Road, said a spokesperson for the developers. Pebb and Banyan are both based in Boca Raton.
The buying entity ties to Erick Guerra’s Delray Beach-based Raitt Corporation, according to records and LinkedIn.
The 16-acre Mainstreet at Boynton project is on the northeast corner of Boynton Beach Boulevard and Jog Road. This is an unincorporated Palm Beach County area west of Boynton Beach.
The project will have a 117,000-square-foot congregate living facility with 130 units, and almost 70,000 square feet of commercial space, with parts of the retail completed, according to a January news release from the developers.
A 26,000-square-foot Sprouts, known for a selection of organic, vegan, ketogenic, gluten-free and paleo-friendly items, opened in December as the retail anchor. Aspen Dental, which opened, and Wawa, which has not opened yet, are both on outparcels, according to the release. Synovus also is open. The congregate living facility, which will be similar to an age-restricted residential facility but not a nursing home, has not opened yet, according to the spokesperson.
In 2020, Pebb and Banyan scored a $27 million construction loan for Mainstreet at Boynton from M&T Bank.
Pebb, a family owned company founded in 1973, focuses on purchasing and developing regional shopping centers and office space throughout the Southeast and Midwest, as well as Nevada and Texas, according to its website. Ian Weiner is president and CEO.
Banyan is a commercial real estate development and investment company led by Chairman and Principal Doug Feurring, and Principals Ross Feurring and Jason Sher.
In December, Germany’s Union Investment bought the Publix-anchored, fully leased Fountains of Boynton shopping center for $79.5 million.
In February 2021, Tricor Financial sold a Winn-Dixie-anchored shopping plaza west of Boynton Beach for $38 million.