Pebb Enterprises, Banyan Buy Office-Retail Near Boca
Developed in the late 1980s, the property is next to Pebb's headquarters.
A joint venture of two Boca Raton-based real estate firms bought retail-office complex Boca Lake for $10.3 million.
Pebb Enterprises and Banyan Development, which are partnering on several Palm Beach County projects, bought the property from Boca Lake Retail Inc. and Stanford Lake Hotel Inc. on Wednesday.
The multi-building property sits on a 7.2-acre site on the southeast corner of Boca Glades Road and Boca Grove Boulevard.
Built out in the late 1980s, Boca Lake has a 30,930-square-foot, two-story retail-office building; a 5,000-square-foot SunTrust branch; and a 5,340-square-foot, two-story event space.
Its addresses are 7800, 7820, 7860 and 7880 Glades Road, or next to Pebb Enterprises’ headquarters at Boca Corporate Plaza.
“West Boca continues to experience significant residential growth that is fueling interest from commercial real estate tenants,” said Ian Weiner, Pebb’s president and CEO.
Pebb Enterprises was formed in 1972 by Jeff Rosenberg and Bruce Weiner, Ian Weiner’s father. Ian Weiner joined in the early 2000s.
Some of its other ventures with Banyan are mixed-use Mainstreet at Boynton project in Boynton Beach and a commercial project on a 10-acre site they bought last December in western Delray Beach.
“Boca Lake is a perfect fit with our venture’s overall strategy in Palm Beach County,” said Jason Sher, principal of Banyan. “This is an opportunity to acquire well-located commercial real estate with easy access to Florida’s Turnpike, I-95 and the busy Glades Road corridor.”