News Release: Leasing Helps Drive PEBB to Another Growth Year
Boca Raton, FL-based PEBB Enterprises recorded solid growth in 2017 across all its platforms, adding nearly 190,000 square feet of new retail and over 20,000 SF of office in 2017, along with 113,000 square feet of renewals and a relocation.
PEBB’s banner year was due in part to their ability to deliver more than one store for retail tenants such as: Torrid (two stores in Ohio), Pearle Vision (two stores in Ohio, Florida) and Old Navy (two stores – Tennessee, Ohio).
The company saw growth in the health & wellness category, where the team brought the first Aspire Fitness to the Quad Cities market at Kimberly Crossing in Davenport, IA and added a Planet Fitness to the lineup at Sugarcreek Plaza in Dayton, OH.
Re-occupancy was also a key driving force for the leasing team this year. When Gordman’s filed for bankruptcy in March, it left PEBB with 96,000 square feet of those boxes to fill. The team’s ability to execute quickly was a challenge but in the end a success, having signed, delivered and opened a Burlington’s at 32 East in Cincinnati, OH, and a Gabe’s at Marketplace at Four Corners in Cleveland, OH. Meaning, 100% of those spaces were absorbed with roughly 80% of the square footage already re-opened this year despite the retailer filing for bankruptcy in the second quarter. “The repositioning of the former Gordman’s boxes in Ohio are a prime example of what makes our team great,” explained company President, Ian Weiner, “Those vacancies were a top priority in our portfolio and our execution was flawless from sourcing the leads to turning over the spaces to the tenants.”
In addition to backfilling larger vacancies, PEBB also did a high volume of small shop leasing, part of which can be attributed to the hiring of Leasing Associate Jake Dugan. “It’s been an incredible year here at PEBB, creating new tenant relationships and growing occupancy in our portfolio,” said Dugan.
PEBB also owns and manages 140,955 square feet of office space in South Florida and boosted its portfolio occupancy up to 95% with eight new deals totaling over 20,000 SF.
PEBB Director of Leasing Aaron Zucker reflects not only on the breadth of deals done over the year but also the length of the deals, “Our average new retail leases are over 9 years, which means creating the right tenant mix for our assets is critical. We are proud to be in long term partnerships we have with our tenants”
ABOUT PEBB: PEBB Enterprises, based in Boca Raton, Florida, is a full-service, vertically integrated private equity real estate investment company specializing in the acquisition, development, construction, operation and management of commercial property. Since its formation in 1973, PEBB has remained a private, family-owned and operated company that takes great pride in maintaining quality properties and cultivating superior relationships with our tenants and strategic partners. For more information about PEBB visit www.pebbent.com.