Trophy South Of Fifth Office, Retail Asset Changes Hands

A joint venture between Pebb Capital, Sabal Investment Holdings (Sabal) and affiliates of Paceline Equity Partners (Paceline), has acquired UNO South Pointe, an approximately 51,000-square-foot ‘Class A’ mixed-use office and retail property at 119 Washington Avenue, between 2nd and 3rd and Washington, in Miami Beach’s premier South of Fifth neighborhood.

Originally built in 2002 and renovated in 2025, UNO South Pointe is one of the few ‘Super-Class A’ office properties in the South of Fifth neighborhood, where limited office inventory and strong tenant demand have made commercial opportunities increasingly scarce.

The joint venture plans to develop approximately 10,000 square feet on the building’s top floor into an ultra-luxury penthouse office with 15-foot ceilings, multiple terrace spaces and 360-degree unobstructed panoramic views of the ocean, Government Cut, Fisher Island, Biscayne Bay and Miami Beach. Existing property management and operations will remain in place as these targeted enhancements designed to elevate the tenant experience are implemented.

“UNO South Pointe represents exactly the type of opportunity we seek, a high-quality boutique office asset in a market where new supply is exceptionally limited and the location is second-to-none,” said Todd Rosenberg, co-founder and managing partner of Pebb Capital. “We focus on well-positioned commercial assets in fortress locations where active ownership can unlock additional value. As we grow our portfolio, we remain disciplined in pursuing investments that align with this strategy in South Florida.”

 

“UNO South Pointe fits squarely within Paceline’s real assets strategy: a high-quality, irreplaceable-location asset with a clear path to add value,” said Sam Loughlin, Chief Executive Officer of Paceline. “We’re excited to work with Pebb Capital and Sabal and look forward to supporting the repositioning of this property.”

 

“South of Fifth is one of the most supply-constrained office submarkets in South Florida, and UNO South Pointe’s combination of Class A quality, an irreplaceable location and near-term upside through the penthouse buildout made this a compelling investment for Paceline,” said Leigh Sansone, Chief Investment Officer of Paceline.

The deal builds on Pebb Capital’s continued investments across South Florida, following the firm’s $75 million acquisition early this year in Miami’s Design District of Design 41, an approximately 50,000-square-foot Super Core ‘Class A’ building occupied by family and financial offices, Foster + Partners, Bosch Appliance Showroom, Missoni, Bond No. 9 and Breitling. Together, the transactions underscore Pebb Capital’s disciplined investment strategy of selectively expanding its South Florida platform with institutional-quality office and mixed-use holdings in the region’s most supply-constrained markets.

The firm’s South Florida holdings include Design 41 in Miami’s Design District; Sundy Village, a 129,000-square-foot mixed-use campus in Delray Beach; The Press, a ‘Class A’ office and retail destination in West Palm Beach; 110 East Broward, a 343,500-square-foot office tower in downtown Fort Lauderdale; and The Collins, the adaptive reuse of a historic Miami Beach building into a mixed-use, high-rise condo development at 15th and Collins Avenue. These investments reflect Pebb Capital’s disciplined approach to identifying, repositioning and enhancing distinctive commercial holdings, a strategy the firm applies across its broader national portfolio.

ACORE Capital provided financing for the acquisition.