Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
Sprouts-anchored mixed-use project to include 130-unit congregate living facility
Pebb Enterprises and Banyan Development sold the Wawa-leased outparcel at their Mainstreet at Boynton mixed-use project for $9.5 million.
The Boca Raton-based developers of the Sprouts-anchored mixed-use project sold the property at 6405 West Boynton Beach Boulevard to YFP, according to the sellers’ news release. YFP is a Fort Mill, South Carolina-based company led by Richard Yager Jr. and Jeffrey Yager, state corporate records show. Richard Yager Jr. said YFP has other Florida properties, but declined further comment.
Barry Wolfe and Alan Lipsky of Marcus & Millichap represented the sellers. Sam Young of Atlantic Retail represented the buyer.
Wawa, a chain of gas stations and convenience stores, is in the early stages of a 20-year lease for the 2.9-acre site, according to the release. Grahame Wood founded Wawa, which is based in Wawa, Pennsylvania.
Pebb and Banyan’s 16-acre Mainstreet at Boynton project on the northeast corner of Boynton Beach Boulevard and Jog Road is partly completed. It’s in an unincorporated Palm Beach County area west of Boynton Beach.
The retail portion, totaling 70,000 square feet, is fully leased, and Sprouts opened its 26,000-square-foot store in December, according to the release. Other retailers include AT&T, F45 Training, Crown Wine & Spirits, Paradise Grills Direct and Aspen Dental.
Still on tap is a 117,000-square-foot, 130-unit congregate living facility, which will be similar to an age-restricted facility, but won’t be a nursing home.
In January, Pebb and Banyan sold a Synovus Bank-leased outparcel at 9844 Jog Road for $5.1 million to an affiliate of Erick Guerra’s Delray Beach-based Raitt Corporation.
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.
This month, Pebb and Banyan partnered to buy Florida Atlantic University’s tech and innovation-focused Research Park, a seven-building office portfolio at 3600-3998 FAU Boulevard in Boca Raton, for $37.5 million.
An international sovereign wealth fund sold the buildings, but Pebb and Banyan lease the land from FAU’s governing authority, the Florida Atlantic Research and Development Authority.
The Palm Beach County retail market is outperforming pre-pandemic times, with the vacancy rate hitting 4.3 percent in the first quarter, the lowest since at least the first quarter of 2019, according to a Colliers report.
Rents reached $27.26 per square foot in the first quarter, up from $23.69 during the same period last year.