DELRAY BEACH, FL—Pebb Capital of Boca Raton, FL says it will move forward with a planned purchase of a seven-acre Qualified Opportunity Zone site in Downtown Delray Beach for $40 million.
The property is being sold by Marshall Florida Investments, which is led by Rick Marshall, and is expected to close within 73 days. Pebb Capital reportedly had a contract to acquire the property for $40 million earlier this year, but the deal did not close due to a legal dispute between the owners of the property assemblage, according to a report in the Real Deal, which stated that Pebb Capital had entered into a new contract for the property.
If the contract is finalized, Pebb Capital is envisioning a project to include nearly 50,000 square feet of retail and restaurant space, approximately 90,000 square feet of office space, plus about 100,000 square feet of residential units or hotel space.
Pebb Capital, which also has an office in New York City, is a multi-generational family office with an investing track record dating back to the 1970s and a historical portfolio of approximately 60 properties and $1.5 billion across multifamily, retail, office, parking, student housing and hospitality. Over the past 50 years, Pebb Capital has acquired, developed, owned or operated approximately 1 million square feet of retail and 400,000 square feet of office properties in South Florida.
Last December, Pebb Capital, in partnership with TriArch Real Estate Group, broke ground on 415W120, a 14-story student housing development in the Morningside Heights section of New York City. Scheduled for completion in May 2020, the 64,000-square-foot, 80-unit building is planned to be constructed on a parcel acquired in February for $20.3 million and will primarily serve students from Columbia University.