PEBB Enterprises, Falcone Group Close Several Property Sales at Major Beachwalk Development
Beachwalk Retail Center LLC, a partnership between PEBB Enterprises and Falcone Group, continued generating momentum at its transformative Beachwalk mixed-use project near Jacksonville with several new property sales. The joint venture closed the sale of three outparcels in separate transactions with a combined price of $14.8 million.
PEBB and Falcone completed the following sales at Beachwalk:
• The $7.1 million sale of a multi-tenant outparcel to LandVisionStars LLC. Notable tenants include Bagels R Us, Going Postal, Fancy Sushi, Deca Dental and Florida Bowls
• The $5.6 million sale of a multi-tenant outparcel to J&S St. Johns Properties LLC. The outparcel is occupied by Burger Fi, 5th Nail Lounge, Supercuts, Island Fin Poke and USA Wireless (AT&T)
• The $2.1 million sale of a single-tenant outparcel occupied by Modwash, which purchased the property
“These transactions are a critical step in the execution of our overall plan for Beachwalk,” PEBB CEO Ian Weiner said. “They are a testament to our venture’s strong retail and restaurant leasing output since commencing the project. There continues to be tremendous community excitement and retailer demand for Beachwalk as we move forward with the next phase of the development.”
Other Beachwalk tenants include Noire Nail Bar, F45 Fitness, BurgerFi, Supercuts, Kilwins, The Covery and a Union 76 Daybreak Market.
The venture is gearing up for the development of numerous additional exciting components of Beachwalk. These include a 111-key COMPASS by Margaritaville hotel and 68 branded cottages fronting the Crystal Lagoon, and several additional restaurant and retail outparcels. Beachwalk also includes Sentosa Beachwalk (a 298-unit luxury apartment community) and The Elysian (a 348-unit luxury apartment community).
“Our partnership with PEBB continuously proves to be one of the most exciting ventures we are undertaking at the Falcone Group, as Beachwalk has even brighter days ahead with the incredible branding collaboration with Margaritaville on the hospitality-oriented COMPASS hotel and cottages,” Falcone Group Chief Operating Officer Alfonso Costa Jr. said. “Beachwalk is truly a destination for those throughout Florida and across the country, and this project will only enhance the neighborhood and its vibrancy.”
“Beachwalk’s upcoming development phase will perfectly complement the existing uses on the project site,” PEBB Chief Investment Officer Eric Hochman said. “We look forward to sharing further details on these exciting next steps with the addition of the COMPASS by Margaritaville hotel and cottages in the coming months.”
PEBB also developed the Shoppes at Beachwalk retail center across the street from Beachwalk. The company sold the center to Publix Super Markets in February 2022. Publix anchors the 48,400-square-foot center with a grocery and Publix Liquor location.