PEBB Enterprises Buys Third Boca Raton Property for $14.5M
By Celia Young July 19, 2021 3:37 pm
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Private real estate investment firm PEBB Enterprises just snagged a Boca Raton, Fla., office building at 5900 Broken Sound Parkway NW for $14.5 million.
The firm fully leased the 77,340-square-foot building to marketing firm Infinity Sales Group before the purchase was finalized, according to a PEBB representative.
The purchase was financed with a $14.2 senior mortgage from Citibank, which covers nearly the entire purchase price, according to property records. PEBB can borrow up to $75.7 from Citibank, according to public records.
The lease puts Infinity Sales Group in the building for 15 years, though Green Capital Realty Advisors’ Steven Leeds, who represented the marketing company, declined to comment on the asking rents. The deal closed July 15.
“They needed that much space [and] it was a nice building,” Leeds told Commercial Observer.
The three-story building was formerly occupied by Cancer Treatment Centers of America, which moved to a smaller building in the Park at Broken Sound, a 700-acre, mixed-use business park where 5900 Broken Sound Parkway is located, Leeds said.
The building last sold for $11.6 million in 2016, property records show.
PEBB Enterprises represented itself internally in the deal, with Leeds representing the tenant and CBRE (CBRE)’s Jeff Kelly representing the seller, 5900 Broken Sound LLC.
The purchase comes on the heels of a few other Boca Raton deals for PEBB Enterprises.
It bought the nearby 61,888-square-foot 1801 Building for $18.35 million last month, the South Florida Business Journal reported. PEBB Enterprises is also developing a 22,500-square-foot restaurant complex in Boca Raton after purchasing a vacant, 2-acre parcel for $2.35 million from CP Group, CO previously reported.
Celia Young can be reached at cyoung@commercialobserver.com.
