News

PEBB Enterprises and Banyan Development closed on the $14.75 million sale of Boca Lake, a mixed-use site in Boca Raton, through two separate transactions.

Strategically located at 7800, 7820, 7860 and 7880 Glades Road, Boca Lake includes a two-story, 30,930-square-foot retail/office building, a 5,300-square-foot event space, and a 5,000-square-foot Bank OZK branch. It is adjacent to PEBB Enterprises’ corporate headquarters at Boca Corporate Plaza.

In the first transaction, Centerstone Property Group LLC acquired the retail/office and event space components at 7820-7880 Glades Road for $9.4 million. In the second transaction, PHM Realty, LLC purchased the Bank OZK outparcel for $5.35 million. Alan Lipsky and Barry Wolfe of Marcus & Millichap represented PEBB and Banyan in both deals.

PEBB and Banyan originally acquired Boca Lake for $10.3 million in February 2021. The sales represent a significant value enhancement over the holding period, further demonstrating the joint venture’s ability to reposition assets and deliver outsized returns.

“This successful disposition reflects our joint venture’s ability to enhance mixed-use sites and maximize value,” PEBB CEO Ian Weiner said. “We are grateful for our continued partnership with Banyan and excited about our active developments and investments in Palm Beach and St. Lucie counties.”

PEBB and Banyan are partnering on numerous impactful projects, including Research Park at FAU in Boca Raton, Atlantic II in Delray Beach, and Shoppes at Southern Grove and Shoppes at the Heart of Tradition in Port St. Lucie’s Tradition master-planned community.

“Our long-term partnership with PEBB continues to be rewarding for everyone involved,” Banyan Development Principal Jason Sher said. “We are focused on continuing to identify opportunities to enhance communities we operate in with thoughtful developments.”