Pebb Enterprises’ Ian Weiner and Banyan Development’s Jason Sher with aerial
view of 9850 Jog Road (Pebb Enterprises, LinkedIn)
Carlyle Management doubled its Boynton Beach retail holdings with a $33 million purchase of Sprouts-anchored shopping center.
An affiliate of Katonah, New York-based Carlyle acquired the retail component of Mainstreet at Boynton at 6405 Boynton Beach Boulevard, according to a press release. The deal breaks down to $630 a square foot.
The 52,000-square-foot retail center’s developer, a joint venture between Pebb Enterprises and Banyan Development, sold the site after completing Mainstreet at Boynton last year, the release states. Danny Finkle and Eric Williams with JLL represented the seller.
Mainstreet at Boynton is a mixed-use project that also includes several outparcels not included in the Carlyle deal. It also includes a 5.3-acre lot that the joint venture sold to Chicago-based Harrison Real Estate, which is building a 158-unit senior living facility. Harrison paid $5.3 million for the site last year.
In January, Pebb and Banyan sold an outparcel leased to Synovus Bank for $5.1 million, and sold a gas station parcel leased to Wawa for $9.5 million in May. In addition to Sprouts, the shopping center’s tenants include AT&T, Crown Wine & Spirits, F45, Capitol Carpet & Tile and GoodVets.
Pebb and Banyan, both based in Boca Raton, paid $12 million for the 16-acre property in 2019, and obtained a $27 million construction loan a year later, records show. Pebb is led by President and CEO Ian Weiner, and Banyan is led by Principal Jason Sher.
Carlyle, managed by Charles Rosner, also owns Boynton Commons, a shopping center on a 22.8-acre site in Boynton Beach. In 2019, the firm paid $50 million for Boynton Commons, which has PetSmart, Party City, Bed Bath & Beyond, and Barnes & Noble as tenants.
South Florida has a long check-out line of investors buying grocery store-anchored retail plazas. Last month, Azora Exan, a joint venture between Madrid-based Azora and Miami-based Exan Capital, paid $22.2 million for the Aldi-anchored Plantation Crossing in Plantation.
In Deerfield Beach, investor James Batmasian paid $17 million for a shopping center anchored by a Walmart Neighborhood Market. And in Hialeah, Longpoint Realty Partners bought El Paraiso, a two building retail center anchored by Sedanos, for $43.2 million.