News

PEBB Enterprises, the private equity real estate investment company, completed the sale of two outparcels at Delray Landing, the Sprouts-anchored shopping center the company has repositioned in Delray Beach. The properties are occupied by Taco Bell and Burger King.

The outparcels were sold for a combined $3.89 million on Oct. 29. The buyer of both properties is 105 Underhill Avenue, LLC.

Taco Bell’s 2,400-square-foot restaurant is located on 0.55 acres at 5070 W. Atlantic Ave. The 3,074-square-foot Burger King location is on 0.63 acres at 5080 W. Atlantic Ave.

“This transaction continues the joint venture’s successful business plan to maximize the potential of this desirable asset in Central Delray,” PEBB Enterprises Director of Asset Management Bret Fischer said. “The team’s successful leasing efforts since we acquired the shopping center, combined with the robust capital improvements plan, drove investor interest in the outparcels.”

PEBB acquired the 5024-5070 W. Atlantic Ave. center in June 2021, in a joint venture with Cincinnati-based Topvalco Inc. The redevelopment includes a new façade, roof, parking lot, site lighting, signage and landscaping. The carefully planned project is expected to be a major catalyst for the Central Delray area and serve as a focal point for members of the community to gather, shop and dine.

The company previously purchased Delray Landing (formerly known as Delray Commons) in 2003 and were long-term owners until a 2015 sale. Topvalco purchased the property three years later.
Additional Delray Landing tenants include Retro Fitness, Crown Wine, Keke’s Breakfast Café, CJ’s Sports Bar & Grill and Good Vets.

For Delray Landing leasing inquiries, contact Jenny Schuemann at [email protected].