Pebb Buys The Press Mixed-Use Complex in West Palm Beach for $53M
By Julia Echikson August 22, 2024 5:37 pm
reprints
Pebb Capital and Sabal Investment Holdings paid $53 million for The Press, a mixed-use development in West Palm Beach, Fla., property records show.
The 11.6-acre property features 256,653 square feet of office and retail space at 2751 South Dixie Highway. The complex is about 73 percent leased, according to a representative for the joint venture.
Tenants include the Palm Beach Post and Palm Beach Atlantic University as well as retail tenants Joseph’s Classic Market, Pink Steak, Starbucks, Restore spa, Tremble Pilates and Amped Fitness.
The joint venture plans to spend about $27 million on improving the office building’s common area, completing spec suites and redeveloping the 3.7-acre surface parking lot, according to a statement by the buyers. The redevelopment plan remains undecided but will likely not include a residential component, according to a representative for the project.
The seller, Tricera Capital, had purchased the property, which once served solely as the headquarters for the Palm Beach Post, for $24 million in 2019. The Miami-based investor, whose representative declined to comment, turned the office complex into a mixed-use property, adding a retail component, after securing a $50.8 million refinancing and construction loan in 2021.
Pebb, a Boca Raton-based developer led by Todd Rosenberg, remains active in the region. Late last year, it raised $173 million to build a mixed-use development in Downtown Delray Beach. In May, it purchased a waterfront retail center in Fort Lauderdale, alongside Related Group and BH Group, for $48 million with plans to add a residential component.
Update: The story was amended to provide additional details about the buyer’s capital improvements.
Julia Echikson can be reached at jechikson@commercialobserver.com.
