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Boca Raton-based developers Pebb Enterprises and Banyan Development sold the year-old Mainstreet at Boynton retail center for $33 million.
West Parkway Realty LLC, managed by Charles Rosner in Delray Beach and Simon Gerald of Carlyle Management in Katonah, New York, sold the 52,152-square-foot shopping center at 6405 W. Boynton Beach Blvd., west of Boynton Beach. The price equated to $633 a square foot.
Danny Finkle and Eric Williams of JLL represented the sellers in the deal.
Completed in 2021, Mainstreet at Boynton is fully leased. Tenants include Sprouts, AT&T, Crown Wine & Spirits, F45, Capital Carpet & Tile and GoodVets.
“Our joint venture is extremely proud of the development and lease-up of Mainstreet at Boynton, a project that addresses the major need for high-quality retail to serve the West Boynton community,” said Pebb Enterprises President and CEO Ian Weiner. “We closely collaborated with the city and residents to conceive a project that enhances the lives who those who live and shop locally.”
Pebb Enterprises and Banyan Development previously sold a neighboring site, which was developed into a senior living facility. The partners also sold the out-parcels now occupied by Wawa, Aspen Dental and Synovus Bank.
“This transaction is the culmination of a true labor of love for our Palm Beach County-based companies,” said Jason Sher, principal at Banyan Development.
With rising occupancy rates for retail, shopping center owners have been able to raise rents, which has resulted in higher property values.
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Sum dollar volume sales/leases in S. Fla
| Rank | Prior Rank | Company / Prior (*Not ranked in 2021) / URL |
|---|---|---|
1 | 1 | Cushman & Wakefield |
2 | 2 | Newmark |
3 | 3 | CBRE |
