Pebb Sells Sprouts-Anchored South Florida Retail Property for $30M

Carlyle Management paid $30 million for a Sprouts-anchored shopping center in Delray Beach, Fla., property records show.

PEBB Enterprises and Topvalco sold the 70,426-square-foot asset, called Delray Landing. The property sits adjacent to South Military Trail between 5024 and 5070 West Atlantic Avenue. 

The 7-acre property is fully occupied, per a representative for the sellers. Besides Sprouts, tenants include Retro Fitness, Keke’s Breakfast Café, CJ’s Sports Bar & Grill and Good Vets.

The sellers renovated the asset, which was built in 1981, adding a new façade and roof, and also upgrading the site’s parking, lighting, signage and landscaping.

“Delray Landing represents the type of well-located, community-focused retail asset that aligns perfectly with our investment strategy,” Pebb Enterprises CEO Ian Weiner said in a statement. “Through our joint venture with Topvalco, we were able to reposition the center with meaningful physical upgrades that enhanced both its functionality and its role within the neighborhood.”

Seacoast National Bank supplied a $19 million acquisition loan to the buyer. Eric Williams and Cole Frantz of Newmark represented the seller. A representative for sellers has yet to comment on the cost of the renovations. 

Boca Raton-based Pebb Enterprises owned the retail plaza, then known as Delray Commons, between 2003 and 2015. Cincinnati-based Topvalco acquired the property in 2018, and formed a joint venture with Pebb for $10.5 million in 2021.

Last year, the joint venture sold two buildings within Delray Landings for just under $4 million.

Delray Landing’s sale is at least the second between Pebb Enterprises and Carlyle Management, which is also based in Boca Raton and managed by Charles Rosner. Three years ago, Carlyle Management paid $33 million for another Sprouts-anchored retail property, which spans 52,152 square feet in Boynton Beach. 

A representative for Carlyle Management could not be reached for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.