PEBB Enterprises Closes $9.12 Million Sale of Tesla Service Plus Center in Minnesota
Real estate firm has successfully developed new locations for the electric vehicle company in four U.S. markets
MAPLEWOOD, MN – Jan. 4, 2021 – PEBB Enterprises, the entrepreneurial private real estate investment firm based in South Florida, completed the $9.12 million sale of a new Tesla Service Plus location in Maplewood, Minnesota. This is the firm’s third successful disposition of a Tesla facility.
The 18,787 square-foot facility is located on 3.12 acres at 2590 U.S. Highway 61. The state-of-the-art Tesla Service Plus was completely renovated in 2019 and is strategically situated among dealerships of many of the world’s most prominent automotive brands. Tesla is under a long-term lease at the property, which provides for a wide trade area for both vehicle sales and service needs.
The transaction closed on Dec. 22, 2020. The seller was represented by Deb Vannelli from Upland Real Estate Group and Adam Friedlander from NNN Properties, LLC.
PEBB originally purchased the project site for $4 million in Dec 2017.
Earlier this year, PEBB closed on the $12.87 million sale of a newly developed Tesla Service Plus in West Palm Beach, Florida.
“It has been exciting for our firm to continue our successful relationship with Tesla,” PEBB Enterprises President and CEO Ian Weiner said. “We are always looking for new opportunities to diversify our nationwide real estate portfolio and are extremely grateful to work with such an innovative company.”
PEBB also recently opened a Tesla Service Plus in Raleigh, North Carolina. Located on 3.46 acres at 7101 Glenwood Ave., the new facility totals 38,745 square feet. It benefits from having access to a daytime population of more than 1.24 million within a 15-mile radius and is near other vehicle-related tenants, shopping centers and major retailers.
The firm has developed Tesla sites in North Carolina, Florida, Minnesota and Pennsylvania.
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/.