Real estate investor PEBB lays out $18.4M for Boca office building
The buying spree for PEBB Enterprises, based in Boca Raton, will continue with the acquisition of another commercial property on June 30th.
The private equity real estate investment company bought the building in 1801 on the North Military Trail in Boca Raton for $ 18.4 million.
The 22-year-old building is a three-story, 61,188 square meter multi-tenant office building with 280 garage spaces and a further 52 spaces. It is adjacent to the Sheraton Hotel.
PEBB plans to do a major renovation of the building’s lobby, public areas, toilets and landscaping. The company will also add a distinctive outdoor facility to the property.
The purchase was an off-market transaction, which means the property was not sold through the multiple listing service. When PEBB learned that the Canada-based owner was interested in a sale, PEBB acted quickly to close the deal. The seller bought the building in 2003 for $ 15.2 million, which is the current estimate of the building.
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According to PEBB, around three quarters of the building are rented. Current tenants include the Bank of New York, IberiaBank and Morgan Stanley.
“This transaction adds a prime office building to our growing South Florida portfolio,” said Ian Weiner, CEO of PEBB. “We expect great interest in the available space from companies that want to move to this area, as well as from companies that have already settled here.”
The planned renovations will allow existing and future tenants to benefit from Class A office space in a newly renovated boutique office building, PEBB said in a press release following the purchase.
PEBB has developed regional shopping centers as well as suburban office buildings in Florida, Texas, Nevada and numerous states in the Midwest. In the past two years, the company has been particularly active in Palm Beach County, acquiring the Jupiter Innovation Center with a partner for $ 31 million and Boca Lake, another office complex, for $ 10.3 million.
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It is also currently building two shopping malls, Main Street in Boynton west of Boynton Beach and Plaza Delray west of Delray Beach.
PEBB said the 1801 building has access to Interstate 95 and is close to more than 2 million square feet of retail space, including the Town Center at the Boca Raton Mall, over 25 restaurants, and three hotels – factors that make the building “extremely desirable to renters.” do. ”