Pebb Enterprises Lays off Two Centers in South Florida
- Jul 03, 2015
PEBB Enterprises’ one million square-foot-plus commercial portfolio has just shed about 150,000 square feet.
The company sold two multi-tenant retail centers in Pembroke Pines and Delray Beach in two separate transactions totaling $28.35 million.
Palm Square was picked up by Bar Invest Group Inc. for $17.6 million. Located at 9801-9965 Pines Boulevard in Pembroke Pines, the 77,705-square-foot asset was 94 percent occupied at the time of closing by a variety of local and national retail and service tenants. These include Sherwin Williams, KFC, Dunkin Donuts, and Atlantic Montessori Charter School.
The 68,292-square-foot Delray Commons at 5020-5080 Atlantic Avenue in Delray Beach fetched $10.75 million. Anchored by World Gym, the shopping center is also home to Burger King, CJ’s Sports Bar & Grill and other local and national retail and service firms. Delray Commons LLC, a Pebb Enterprises subsidiary was the seller, and Mall 5020 LLC purchased the property which was 98 percent leased.
David Donnellan and Patricia Friend of CBRE marketed and negotiated both deals. Based in Fort Lauderdale, the team is part of CBRE’s Investment Properties Group focusing on the disposition of multi-tenant shopping centers in South Florida.
Photo credits: Pebb Enterprises