PEBB Enterprises and Banyan Development Close $10.3 Million Acquisition of Mixed-Use Boca Raton Site
Joint venture purchases retail/office building, bank branch and event venue adjacent to PEBB’s headquarters
BOCA RATON, FL – PEBB Enterprises and Banyan Development expanded their partnership with the acquisition of Boca Lake, a mixed-use site with a retail/office building, SunTrust Bank location and an event venue. The joint venture paid $10.3 million for the 7.2-acre site.
The transaction closed on Feb. 3, 2021. PEBB and Banyan obtained financing from Fifth Third Bank.
Located at 7800, 7820, 7860 and 7880 Glades Road, Boca Lake is adjacent to PEBB’s headquarters at Boca Corporate Plaza – which the real estate firm also owns. Boca Lake includes a two-story, 30,930-square-foot retail/office building, the 5,000-square-foot SunTrust branch and a two-story, 5,340-square-foot event space. The buildings were constructed in 1986 and 1987.
“Given our familiarity with Boca Lake and the proximity to our headquarters, this is a particularly exciting investment opportunity,” PEBB Enterprises President and CEO Ian Weiner said. “West Boca continues to experience significant residential growth that is fueling interest from commercial real estate tenants.”
PEBB and Banyan are partnering on several investments and developments in Palm Beach County. The venture is developing the mixed-use Mainstreet at Boynton project in Boynton Beach.
In December 2020, PEBB and Banyan purchased nearly 10 acres for a future commercial project in the rapidly growing West Delray section of Delray Beach. The land is adjacent to PEBB’s Plaza Delray development and Banyan’s Shop Delray retail center.
“Boca Lake is a perfect fit with our venture’s overall strategy in Palm Beach County,” Banyan Development Principal Jason Sher said. “This is an opportunity to acquire well-located commercial real estate with easy access to Florida’s Turnpike, I-95 and the busy Glades Road corridor.”
Boca Lake Retail, Inc. and Stanford Lake Hotel, Inc. sold Boca Lake to PEBB and Banyan.
For leasing inquiries, contact Chris Stewart at (561) 613-4020 or firstname.lastname@example.org.
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 and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.
About Banyan Development: Banyan Development is a real estate investment company focused on commercial development in the state of Florida. Banyan and its principals have investments throughout the US that include retail, industrial, medical office, residential & multi-family assets. For more information visit www.banyandev.com.