Grocery-anchored retail center in South Florida sells for $33M

MIAMI, Sept. 13, 2022 – JLL Capital Markets announced today that it has closed the $33 million sale of Mainstreet at Boynton, a 52,152-square-foot, grocery-anchored retail center located in Boynton Beach, Florida.

JLL represented the seller, a joint venture between PEBB Enterprises and Banyan Development, and procured the buyer, Carlyle Management Corp.

Constructed in 2021/2022, Mainstreet at Boynton is currently 100% leased to a strong tenant roster that is 90.5% comprised of national tenants. The property is anchored by Sprouts Farmers Market and also features strong roster of complementary tenants, include AT&T, Paradise Grills, F45, Yolk, Capital Carpet and Tile, Crown Wine & Spirits, Maoz Vegetarian and GoodVets among others. Mainstreet at Boynton also benefits from being a part of a greater mixed-use development that features a 158-unit Assisted Living Facility, Anthology of Boynton Beach, Wawa, Aspen Dental and Synovus Bank, none of which were included in the sale.

Located at 6405 W. Boynton Beach Blvd., the property is situated at the high traffic intersection of W. Boynton Beach Boulevard and Jog Road with an impressive average daily traffic count of 88,500 vehicles per day. The property is positioned near an affluent and densely populated customer base with 92,774 residents and an average household income of $98,453 within a three-mile radius.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Danny Finkle, Senior Director Eric Williams and Vice President Kim Flores.

“The PEBB Enterprises and Banyan Development teams delivered another high-quality, first-class grocery-anchored development in Mainstreet at Boynton that was extremely well received by the investment community and will be an excellent addition to the buyer’s portfolio,” Williams said. “We continue to experience outstanding demand for grocery-anchored centers throughout Florida, with an influx of new investors on nearly every transaction we have had the fortune to be a part of this year.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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PEBB Enterprises’ entrepreneurial spirit traces its roots back to 1973, when the family-owned company was founded in South Florida. A full-service private equity real estate investment company, we have continued to operate as a family-owned business for over four decades and take enormous pride in our team of forward thinking associates and entrepreneurial minds who continue to push and expand the company’s growth on a daily basis.

PEBB’s driving force is the acquisition and development of high-quality neighborhood, regional and power shopping centers and suburban office buildings. Our diverse collection of tenants enjoy a mutual success while reflecting a balance of local, regional and national retailers. Our shopping destinations are a testament to the kind of business relationships and synergy PEBB strives to foster.

Banyan Development is a real estate development company focused on commercial development and real estate investment in the Florida marketplace.

The principals have extensive experience in various markets in the US over the last 4 decades and between them have developed over 3 million square feet of retail, office, industrial and residential real estate. Some examples are: Mainstreet @ Boynton, Shop Delray, Lake Worth & Polo Road, University Commons, 2200 Butts, Wellington Green Square and Commons (Wellington, Florida). We currently have several retail centers in various stages of development in Florida as well as office, self-storage and mixed-use projects.