PEBB Enterprises Acquires Boca Raton Office Building for $18.35 Million
Commercial real estate firm continues expanding portfolio in its home base with 1801 Building
BOCA RATON, FL – June 30, 2021 – PEBB Enterprises, the entrepreneurial private real estate investment firm based in Boca Raton, purchased another prime commercial property in the city. The firm acquired a Boca Raton office building – the 1801 Building – for $18.35 million.
The off-market transaction closed on June 30, 2021.
Located at 1801 N. Military Trail, the 1801 Building is a 3-story, 61,188 square feet multi-tenant office building with one of the area’s highest parking ratios at 5.43 spaces per 1,000 square feet. The property features a 280-space structured parking garage which is one of the few such amenities in Midtown Boca. It also has 52 surface parking spaces.
PEBB plans to substantially renovate the building’s lobby, common areas, bathrooms and landscaping. The firm will also add a signature outdoor feature to the property.
Built in 1999, the 1801 Building is currently about 74% leased. Tenants include BNY Mellon/Pershing, IberiaBank and Morgan Stanley.
“This value-add acquisition provides for the opportunity to lease up over 23,000 square feet in the increasingly tight Boca Raton office market,” PEBB Chief Investment Officer Eric Hochman said. “The planned building renovations will allow our existing and prospective tenants to benefit from Class A office space in a newly renovated boutique office building.”
The building’s direct access to I-95 and proximity to more than 2 million square feet of retail, including the Town Center at Boca Raton mall, 25-plus restaurants and three hotels make the building extremely desirable for tenants.
“This transaction adds a prime office building to our growing South Florida portfolio,” PEBB President and CEO Ian Weiner said. “We anticipate significant interest in the available space from companies seeking to relocate to the area, along with businesses already established here.”
Keith O’Donnell of Avison Young and Mark Rubin from Colliers International Florida represented PEBB in the transaction.
“Keith and Mark were instrumental in identifying this opportunity and facilitating the transaction with an out-of-area seller in spite of Covid’s impact on the market,” Weiner said. “We appreciate their deep market knowledge.”
Earlier this year, PEBB and frequent joint venture partner Banyan Development acquired Boca Lake, a mixed-use site with a retail/office building, SunTrust Bank location and an event venue. Boca Lake is adjacent to PEBB’s headquarters at Boca Corporate Plaza – which the real estate firm also owns.
About PEBB Enterprises: Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth on a daily basis. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada, New York and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.