News

PEBB Enterprises and Banyan Development completed the successful sale of the 134,000-square-foot Lowe’s Home Improvement building, including its garden center, at Shoppes at Southern Grove in Port St. Lucie’s master-planned Tradition community. The transaction closed on June 9 at a sale price of $10.5 million.

A. Duda & Sons Inc. purchased the property from PEBB and Banyan.

The Lowe’s store opened on June 5, marking the latest milestone for Shoppes at Southern Grove, a retail development located at the intersection of Southwest Becker Road and Southwest Village Parkway, near the high-traffic interchange of I-95 and Becker Road.

PEBB and Banyan previously developed Shoppes @ the Heart of Tradition. That prior collaboration laid the foundation for Shoppes at Southern Grove, which the partners carefully assembled with a curated lineup of national retailers and quick-service restaurants across six outparcels ranging from 0.8 to 1.8 acres.

Following the Lowe’s building sale, the partnership continues to own the remainder of the Shoppes at Southern Grove development. The transaction monetizes a significant component of the development while allowing the partnership to continue creating value across the balance of the project.

“This transaction demonstrates the quality of what we developed and the strength of the Tradition market,” said Ian Weiner, CEO of PEBB Enterprises. “Our relationship with this community goes back to our work at Shoppes @ the Heart of Tradition, and Shoppes at Southern Grove is a natural extension of that commitment. We identified this location as a premier retail destination, and the sale of the Lowe’s building confirms that commercial real estate investors recognize the same long-term value we do.”

Tradition is an 8,300-acre master-planned community that has become a primary engine of Port St. Lucie’s remarkable growth. The city is expanding by approximately 10,000 residents per year, making it one of the fastest-growing cities in the U.S. Tradition’s neighborhoods are designed to surround a central retail district, placing shopping and dining within easy reach of its residents and positioning Shoppes at Southern Grove to directly serve that demand.

“This disposition is a clear reflection of the fundamentals we believed in when we first committed to this market,” said Ross Feurring, Principal of Banyan Development. “From Shoppes @ the Heart of Tradition to Shoppes at Southern Grove, our approach has been consistent: bring the right retailers to the right location and execute with discipline. The results speak for themselves, and we remain enthusiastic about the ongoing opportunity this community presents.”

Shoppes at Southern Grove is strategically positioned to capture the significant traffic generated by the I-95 and Becker Road corridor, serving both the growing Tradition residential base and the broader Port St. Lucie market.

Patrick Wagor of Atlantic Retail represented the sellers in the Lowe’s building sale. Matthew Mousavi of SRS Real Estate Partners represented the buyer.
For Shoppes at Southern Grove leasing inquiries, contact Atlantic Retail Principal Matthew Lynch at mlynch@atlanticretail.com or (561) 424-3019.