PEBB Enterprises Purchases Boca Raton Office Property for $14.52 Million, Secures Lease for Entire Building
Infinity Sales Group (ISG) to occupy 77,340-square-foot building within Park at Broken Sound starting March 2022
BOCA RATON, FL – PEBB Enterprises, the entrepreneurial private real estate investment firm based in Boca Raton, completed its third significant Boca Raton acquisition in the last two weeks. The firm purchased an office building within the Park at Broken Sound for $14.52 million.
The building, which is known as the 5900 Building, was vacant when PEBB acquired it. Before closing, PEBB finalized a new long-term lease with Infinity Sales Group (ISG) to occupy the entire three-story, 77,340-square-foot building as its corporate headquarters. The lease with ISG, a direct marketing firm that partners with Fortune 500 companies to market their products and services, commences in March 2022.
The transaction closed on July 15th.
The Park at Broken Sound is a 700-acre mixed-use business park conveniently located directly off I-95. It offers free shuttles to and from the city’s Tri-Rail station. PEBB also owns the ADT Building in the park with joint venture partner Tortoise Properties
Two weeks before the 5900 Building acquisition, PEBB closed on the purchase of a nearby Boca Raton office property: the 61,188-square-foot 1801 Building
“We are moving quickly to capitalize on opportunities to add to our South Florida portfolio, particularly in our home base of Boca Raton,” PEBB President and CEO Ian Weiner said. “These new acquisitions reflect our long-term belief in well-located office product in growing cities. We are thrilled have another Boca Raton-based company, ISG, on board as our tenant at the 5900 Building.”
On July 2, PEBB acquired the site of Restaurant Row, a ground-up, restaurant-only development next to the Town Center at Boca Raton. The firm expects to complete the project in the third quarter of 2022.
Earlier this year, PEBB and frequent joint venture partner Banyan Development acquired Boca Lake, a mixed-use site with a retail/office building, SunTrust Bank location and an event venue. Boca Lake is adjacent to PEBB’s headquarters at Boca Corporate Plaza – which the real estate firm also owns.
Jeff Kelly of CBRE represented the seller in the 5900 Building transaction. Steven Leeds of Green Capital Realty Advisors represented ISG in the lease.
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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/.
