PEBB Enterprises, Falcone Group Partner on Expanded Retail Development Across from Beachwalk Community near Jacksonville
Joint venture acquires 14.88 acres surrounding previously announced Publix-anchored project
JACKSONVILLE, FL – PEBB Enterprises and Falcone Group are teaming up to significantly expand a Publix-anchored retail development under construction across from the master-planned Beachwalk community in St. Johns County, part of the Jacksonville metropolitan area. The joint venture purchased 14.88 acres of land surrounding the Publix and plans to develop additional retail, medical and restaurant space.
The venture paid $4.95 million to acquire the land. The transaction closed on Aug. 4.
PEBB and Falcone plan to develop approximately 65,000 square feet to complement the 48,400-square-foot Publix and 10,500 square feet of in-line retail space at the 855 County Road 210 West site. The project will include up to six (6) outparcels with frontage along the southside of County Road 210 positioned to the East and West side of the Publix development, with an additional +/- 35,000 sf of medical and retail improvements proposed to the southwest of the Publix.
The venture is negotiating with numerous national and regional retail, medical and restaurant tenants for ground leases, build-to-suit agreements, or partial land sales at the project.
“We are thrilled to partner with a renowned developer like Falcone Group on a project that will greatly benefit this fast-growing section of St. Johns County,” PEBB Enterprises President and CEO Ian Weiner said. “Our venture is already getting tremendous interest from potential tenants, which underscores the demand for – and desirability of – this location.”
The 3,000-acre Beachwalk community includes luxury residences, a planned 100-room hotel, retail, offices, industrial facilities, an elementary school and an existing 14-acre Crystal Lagoon – the largest of its kind in the U.S. The Publix location will share a new traffic signal intersection with Beachwalk’s northern commercial component, which is planned to include 300 multifamily units and 150,000 square feet of commercial space around the Crystal Lagoon.
“It is exciting to embark on this development and further complement all of the additional residential development happening in and around Beachwalk,” Falcone Group Chairman and CEO Art Falcone said. “We look forward to a successful project and partnership with PEBB.”
PEBB closed on the Publix site acquisition on July 10. Construction of the Publix-anchored center is expected to be completed by summer 2021. In addition to Publix, signed tenants include Publix Liquor Store and Lavender Spa.
The project’s site plan is approved and shovel ready, with all site civil permits in place.
“This site acquisition allows our joint venture to enhance the Publix ground-up development with outparcels and neighboring improvements which are well merchandized to consist of retail shops, restaurants and medical tenants,” PEBB Chief Development Officer Eric Hochman said. “We will continue to execute on delivering a forward-thinking, well-designed project for the community.”
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