PEBB Enterprises Buys Boca Raton Parcel, Plans Restaurant Development
PEBB Enterprises is developing a restaurant complex in Boca Raton, Fla., after purchasing a vacant, 2-acre parcel for $2.35 million from real estate power player CP Group, the buyer announced.
Named Restaurant Row, the 22,500-square-foot project will include five storefronts, two of which are already pre-leased to regional establishments, Pubbelly Sushi and El Camino. A spokesperson declined to divulge the asking rent.
Located at 5355 Town Center Road, the retail development sits next to the Town Center at Boca Raton shopping mall, which counts luxury and affordable retailers, such as Gucci and American Eagle, as tenants.
Less than a mile away, PEBB, led by President and CEO Ian Weiner, purchased a 61,188-square-foot office building for $18.4 million, The Real Deal reported last week.
The parcel sale for the restaurant development to CP Group closed last Friday. Cushman & Wakefield’s Dominic Montazemi represented both sides of the transaction.
PEBB and CP Group are both commercial real estate investment firms based in Boca Raton. PEBB specializes in suburban shopping centers and office buildings, while CP Group has been making waves in the Southeast. In Miami, the CP Group purchased the One Biscayne office tower for $225 million; in Atlanta, it bought the massive One CNN Center office complex for an undisclosed amount.
“Restaurant Row will have several pedestrian connections, ample outdoor dining space, a grand valet service area with lush landscaping and a water feature,” PEBB’s Chief Investment Officer Eric Hochman said in a prepared statement. Construction is expected to be completed in the third quarter of 2022.