PEBB Enterprises, Falcone Group Close Acquisition of Mixed-Use Development Site within Beachwalk near Jacksonville
Joint venture building over 170,000 square feet in master-planned community featuring a 14-acre Crystal Lagoon
JACKSONVILLE, FL – PEBB Enterprises and Falcone Group completed the acquisition of 47 acres within the master-planned Beachwalk community in St. Johns County, part of the Jacksonville metropolitan area, and are moving forward with a significant development on the site. The joint venture is constructing more than 170,000 square feet of new retail, restaurants and a 110-key hotel to join Beachwalk’s luxury residential, commercial, industrial, and educational components.
The venture closed the purchase of the site, which surrounds the southern portion of Beachwalk’s signature 14-acre Crystal Lagoon, on March 12. Financial terms were not disclosed.
PEBB and Falcone’s mixed-use development will include a merchandising mix of multi-tenant outparcels, single tenant net leased pads, waterfront restaurants with ample outdoor seating, retail shop space along the lagoon, and a full-service hotel.
“In a short time since initially forming our partnership, PEBB and Falcone have conceived two significant developments that cater to a growing area,” PEBB Enterprises President and CEO Ian Weiner said. “Not surprisingly, we are getting tremendous interest from prospective tenants at both projects.”
PEBB and Falcone are also jointly developing about 65,000 square feet of retail, medical and restaurant space on 14.88 acres on the southside of State Road 210. Separately, PEBB is building a 48,400-square-foot Publix and 10,500 square feet of in-line retail space at the same site. The Publix center is 100% leased and expected to be completed in summer 2021.
Signed tenants at the project include Whiskey Joe’s, Narducci Dental, Great Clips, Lavender Nails, Urgent Vet and Publix Liquor.
For the development within Beachwalk, outparcels fronting State Road 210 range from one to five acres. Prominent pylon signage along the highway is also available.
The venture is under contract with four retailers to sell approximately five acres of the outparcels and are actively negotiating purchase and sale agreements for an additional four acres fronting State Road 210.
“Service-oriented retailers and restaurant operators recognize that this is an incredible opportunity to accommodate the critical mass of Beachwalk’s residents, area professionals and visitors,” Falcone Group Chairman and CEO Art Falcone said. “With the site acquisition completed, we are full steam ahead in developing the dynamic retail space and restaurants that will make Beachwalk a one-of-a-kind, fully integrated community.”
The 3,000-acre Beachwalk community includes luxury residences, a planned 110-room hotel, retail, offices, industrial facilities, an elementary school and the existing 14-acre Crystal Lagoon – the largest of its kind in the U.S. Beachwalk’s northern commercial component, where the venture will develop the new mixed-use project. Beachwalk is also planned to include 300 multifamily units.
For leasing inquiries, contact PEBB’s Chris Stewart or Jenny Schuemann at (561) 613-4020.
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 Falcone Group: Based in Boca Raton, FL and led by veteran developer Art Falcone, the Falcone Group has reshaped skylines and redefined the way Americans live, work and play for more than 40 years. Their expertise in hospitality and real estate includes large-scale mixed-use developments, residential communities, and entertainment venues from Miami to San Francisco. For more information, visit falconegroup.info