Capital and PEBB Enterprises sold the Shoppes at Isla Verde in Wellington, which has many national retail tenants, for $74 million.
Shoppes at Isla Verde, an affiliate of Boca Raton-based PEBB Capital and PEBB Enterprises, sold the 207,030-square-foot shopping center at 800, 900, 1000 and 1020 S. State Road 7 to MetLife Investment Management. The price equated to $357 a square foot.
The sale was brokered by HFF’s Daniel Finkle, Luis Castillo and Eric Williams.
PEBB said the Shoppes at Isla Verde was 94.2 percent occupied. Tenants include Best Buy, Ulta Beauty, Old Navy, Petco, Total Wine & More, Anthony’s Coal Fired Pizza, Chipotle Mexican Grill, Verizon Wireless, HSBC Bank, Panda Express and CVS. In addition, a Sprouts Farmers Market is coming to the retail plaza in the near future.
Jeff Rosenberg and Bruce Weiner, the original partners of PEBB, started assembling the 22-acre site for the Shoppes at Isla Verde in 1988. The late Jared Weiner led the construction and leasing of the shopping center.
“Shoppes at Isla Verde has been a hallmark project for the family, but collectively, we decided that now was the right time to pass along this high-quality asset and continue our focus on other successful projects and ventures,” PEBB Enterprises President and CEO Ian Weiner said.
PEBB said it would continue to manage the property for MetLife.
“This disposition represents the end of an era for the family; however, the capital generated from this sale, as well as many other sales executed by both companies in the past months, will continue to propel the evolution and expansion of our respective investment strategies,” PEBB Capital co-founder Todd Rosenberg said.
New projects by PEBB Capital include the renovation and expansion of a Miami Beach hotel and a joint venture in a mortgage lending business. PEBB Enterprises is working on the repositioning of the former Gander Mountain store in Palm Beach Gardens.