PEBB Enterprises Partners with Topvalco, Inc. to Acquire Delray Commons Shopping Center
South Florida-based real estate firm adds prime retail property to expanding Palm Beach County portfolio
DELRAY BEACH, FL – June 10, 2021 – PEBB Enterprises, the entrepreneurial private real estate investment firm based in Palm Beach County, continued its strategic portfolio growth in the county with the acquisition of Delray Commons in Delray Beach. The firm is teaming up with Cincinnati-based Topvalco Inc., the shopping center’s existing owner, on the investment.
Built in 1981 at 5024-5070 W. Atlantic Ave., Delray Commons has 65,940 square feet of inline retail space, a 3,036-square-foot Burger King and approximately 2,000-square-foot Taco Bell. An anchor lease with the natural and organic grocer, Sprouts Farmers Market, has been signed for 23,256 square feet. This is PEBB’s third successful lease with Sprouts in Florida.
Sprouts continues to expand across Florida and recently announced it will open a new produce distribution center in Orlando that will support a total of 33 Sprouts locations across Florida by the end of 2021.
The transaction closed on May 20, 2021. Financial terms were not disclosed.
PEBB previously owned Delray Commons, so the new partnership welcomes a familiar asset back to its portfolio. The firm sold the center to a local venture in 2015 – Topvalco acquired the property three years later.
“We are excited to bring a center we previously owned back to life,” PEBB Enterprises President and CEO Ian Weiner said. “The site has significant potential that we intend to unlock.”
The partnership plans to completely redevelop the center with 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.
PEBB has the ability to add an additional outparcel building along West Atlantic Avenue.
“Delray Commons gives us another prime retail property in Delray Beach, an area that is experiencing significant residential expansion, to execute on our third Sprouts development project,” PEBB Enterprises Chief Investment Officer Eric Hochman said. “Between this center, our new Plaza Delray development and additional 10-acre site on West Atlantic Avenue, we are well-positioned to accommodate the present and future demand for retail, restaurants and other commercial space in the area.”
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, New York and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.