Sale of Retail Center in Boynton Beach Closes for $33M
The facility, bought by West Parkway Realty LLC, is located in the West Boynton area of Boynton Beach and was completed in 2021.
BOYNTON BEACH, FL–As demand for retail increases as South Florida’s population grows, PEBB Enterprises and joint venture partner Banyan Development have closed the $33 million sale of Manstreet, a Sprouts-anchored retail center.
The facility, bought by West Parkway Realty LLC, is located in the West Boynton area of Boynton Beach and was completed in 2021. The sale did not include the 158-unit congregate living facility and other outparcels in the mixed-use Mainstreet development.
According to PEBB Enterprises president and CEO Ian Weiner, the project addresses a major need in the West Boynton community for high-quality retail.
“We closely collaborated with the city and residents to conceive a project that enhances the lives who those who live and shop locally,” said Weiner.
Mainstreet, located at 6405 W. Boynton Beach Blvd., is able to get a lot of traffic since it’s by the area’s busiest thoroughfares, with an average of nearly 90,000 cars passing by the property daily.
JLL’s Danny Finkle, senior managing Director, and Eric Williams, senior director, represented both PEBB and Banyan in the sale.
PEBB and Banyan fully leased the 52,152-square-foot retail center tenants 90.5% comprising of national retailers. Besides Sprouts, tenants include AT&T, Crown Wine & Spirits, F45, Capitol Carpet & Tile and GoodVets. According to a press release, PEBB and Banyan previously sold Mainstreet outparcels occupied separately by Wawa, Aspen Dental and Synovus Bank.
According to Jason Sher, principal at Banyan Development, the transaction is the culmination of a true labor of love for Palm Beach County-based companies.
“It also shows the incredible demand for Class A retail acquisitions in the county’s fastest-growing areas. We look forward to developing more impactful projects in and around our home base,” said Sher.