PEBB and Banyan Sell Sprouts-Anchored Strip Mall for $33M
By Julia Echikson September 12, 2022 5:39 pm
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PEBB Enterprises and Banyan Development sold a Sprouts-anchored retail center in Boynton Beach, Fla., for $33 million, the Boca Raton-based developers announced.
The asset is part of the 70,000-square-foot Mainstreet at Boynton retail strip that the joint venture completed last year, located at 6405 Boynton Beach Boulevard adjacent to Jog Road.
The buyer, West Parkway Realty LLC, bought a fully leased portion spanning 52,152 square feet, including the 26,000-square-foot Sprouts grocery store. Other tenants include an AT&T, Crown Wine & Spirits, Capitol Carpet & Tile stores, as well as an F45 gym and GoodVets medical office.
JLL’s Danny Finkle and Eric Williams represented the sellers. Representatives for the buyers could not be reached for comment.
The transaction marks the third sale within the property since its completion.
Back in May, South Carolina-based YFP paid $9.5 million for a Wawa gas station, where the tenant inked a 20-year lease, according to PEBB and Banyan. In separate transactions, the developers also sold off buildings leased to Synovus Bank and Aspen Dental for $5 million and $3.7 million, respectively, per property records.
PEBB and Banyan still own a 158-unit congregate living facility.
Outside of Boynton Beach in Boca Raton, the duo paid $37.5 million for a 308,305-square-foot research and office park at Florida Atlantic University in May.
Julia Echikson can be reached at jechikson@commercialobserver.com.
