Pebb, Topvalco Sell Retail With Sprouts to Charles Rosner

Pebb Enterprises and its partner sold a Sprouts-anchored Delray Beach shopping center for $30 million, amid heated demand for retail real estate with grocery stores.

Boca Raton-based Pebb and Topvalco sold Delray Landing, at 5024-5070 West Atlantic Avenue, closing the deal on Thursday, according to a Pebb news release.

Boca Raton-based Carlyle Management Group’s Charles Rosner is the manager of the buying entity, 30 Realty, state corporate records show.

Eric Williams and Cole Frantz from Newmark represented the sellers.

The buyer assumed the sellers’ $17.3 million loan on the property, boosting it to $19 million from Seacoast National Bank, according to real estate database Vizzda.

Delray Landing is fully leased. Its tenants include Retro Fitness, Keke’s Breakfast Café, CJ’s Sports Bar & Grill and Good Vets.

Completed in 1981, the center spans 70,400 square feet on a 6.3-acre site, according to property records.

Pebb, led by Ian Weiner, bought the shopping center in 2003, then called Delray Commons, and sold it in 2015, the release says. After Topvalco bought it in 2018, Pebb partnered with the firm on Delray Landing in 2021, paying $10.5 million for its stake.

Pebb and Topvalco’s renovations of the retail center included a new façade and roof, and revamps of the parking, lighting, signage and landscaping.

Pebb, a family-owned firm, is partnering with the Toledano family’s Aventura-based BH Group on The Eclipse project, the redevelopment of the site at 6600 North Military Trail in Boca Raton, formerly known as Office Depot’s headquarters. Pebb and BH are renovating two of the office buildings and, in partnership with the Pérez family’s Related Group, are replacing the third office building with a 500-unit apartment project.

In other projects, Pebb is partnering with BH and Related on a planned 33-story Live Local Act tower with 521 units along Fort Lauderdale’s waterfront.

Rosner has joined the grocery-anchored retail investment spree playing out in South Florida. In November, two entities tied to Rosner and Carlyle Management partnered with another buyer on the $60.5 million purchase of a Coral Springs shopping center anchored by Aldi, Hobby Lobby and Petco.

In September, San Francisco-based Stockbridge Capital Group dropped $118.4 million for the Whole Foods Market-anchored shopping center within the Uptown Boca mixed-use development. In Plantation, Core Investment Properties Fund and Miami Beach-based investor James Resnick bought the Publix-anchored Jacaranda Plaza for $53 million. Also, Ram Realty Advisors bought The Shoppes at Jupiter, where Whole Foods has leased space, for $53 million.