Our investment strategy centers around value-add and opportunistic investments and development projects. We target opportunities with strong fundamentals and sustainability through all aspects of the real estate cycle. We execute our business plan to maximize value creation for each investment, to achieve the highest risk-adjusted returns for PEBB and our strategic joint venture partners.
PEBB has a proven track record of successfully acquiring, managing, operating, leasing, redeveloping, and stabilizing commercial real estate for the past 50 years. The structure of our private equity family office allows us to be nimble and move quickly through the due diligence process to close on targeted acquisitions. We are vertically integrated to execute efficiently and effectively and are seeking acquisitions to deploy our capital alongside our strategic partners.
We typically underwrite each investment to a medium-term holding period of five (5) to seven (7) years. Through each portion of the cycle, we are evaluating the most appropriate time to refinance or sell an asset to maximize accretion, which is aligned with our business strategy.
Our Acquisition Criteria
PEBB Enterprises employs a nationwide strategy of acquiring and developing open-air retail, suburban office, and mixed-use commercial properties across the country. We prioritize acquisition opportunities in PEBB’s home state of Florida, especially in South Florida. Our acquisition criteria are detailed below.
PEBB’s transaction sizes (including equity and debt capitalization) range from $20 million to $150 million for retail, office and mixed-use projects that are typically at least 50,000 square feet. Our strong industry reputation and partnerships enable us to pursue large-scale acquisition and development opportunities that total hundreds of thousands of square feet.
Our deep-rooted relationships in retail investment and development lead us to value the right neighborhood and regional shopping center opportunities, with a particular focus on grocery-anchored centers. PEBB also targets suburban office building and portfolio acquisitions. We are increasingly acquiring commercial land for future development of retail, office, and mixed-use projects. PEBB can seamlessly execute on the purchase of sub-performing or non-performing loans secured by properties, in addition to the direct acquisition of individual deals and/or portfolios.
PEBB takes a flexible and nimble approach to its acquisitions. We are open to Class A and B and value-add opportunities and will take on assets with expiring debt, below-market rents, co-tenancy issues, vacant anchors, or other forms of distresses. We will acquire stabilize properties from motivated sellers. Opportunities to purchase at below replacement cost, particularly in markets with high barriers to entry, are especially appealing. PEBB also seeks redevelopment and repositioning opportunities at sites with excess land and/or outparcels.
Our flexibility allows us to utilize a variety of deal structures. These include all-cash acquisitions, assuming existing debt, obtaining seller financing, acquisition financing through relationship lenders, or purchasing distressed debt. We are also open to tax-deferred deal structures. PEBB often forms strategic GP/LP joint ventures for acquisition and development opportunities.