PEBB Enterprises, Banyan Development Close Site Acquisition for New Retail Project in Port St. Lucie’s Tradition
PEBB Enterprises and Banyan Development are embarking on the joint venture’s second retail development in Port St. Lucie’s master-planned Tradition community. PEBB and Banyan closed the $7.46 million acquisition of the Shoppes at Southern Grove project site on November 1.
Mattamy Palm Beach LLC sold the 23.0-acre site to PEBB and Banyan. Located at Becker Road and Village Parkway near I-95, Shoppes at Southern Grove will consist of a 14.2-acre anchor retail development with additional individual outparcels available for ground lease fronting Becker Road and Village Parkway. The outparcels range from approximately 1.0 to 2.4 acres.
PEBB and Banyan previously developed the 71,000-square-foot Shoppes @ the Heart of Tradition within the community. The Aldi-anchored shopping center’s name is a nod to its location adjacent to the “Heart” sculpture by acclaimed international artist JEFRË designed and constructed at Tradition.
“Our joint venture is excited to begin another retail development in Tradition,” PEBB Enterprises Vice President of Leasing – Senior Director Jenny Schuemann said. “We generated a flurry of leasing activity at Shoppes @ the Heart of Tradition and anticipate the same with Shoppes at Southern Grove. We are already in advanced negotiations for multiple leases at the project, including with a major national brand for the largest available retail space.”
The Shoppes at Southern Grove site is close to new residential, retail, medical and industrial developments. The residential projects will bring more than 38,000 additional homes to Tradition. The available outparcels are in front of a 134,147-square-foot home improvement store surrounding a 5,915-square-foot gas station/convenient store.
“We are long-term believers in the Tradition community,” Banyan Development Principal Jason Sher said. “Tradition’s continued residential population growth intensifies the demand for additional retail and dining. We look forward to meeting that need with Shoppes at Southern Grove.”
For Shoppes at Southern Grove leasing inquiries, contact Schuemann at [email protected].