PEBB Enterprises, Banyan Development Close $32 Million Retail Disposition In Port St. Lucie’s Tradition
The JV completed the 71,000-square-foot retail project in 2024 and generated substantial leasing activity before the sale.
non-advertiser
The JV completed the 71,000-square-foot retail project in 2024 and generated substantial leasing activity before the sale.
The project will deliver 14 studios, 35 one-bedroom units and 6 two-bedroom units.
The transaction included both a deed-in-lieu-of-foreclosure and a conventional sale supported by new financing.
The sale price breaks down to approximately $309 per square foot.
Gordon Messinger and Randy Carballo with CBRE represented the landlord in all lease negotiations.
The company intends to invest an additional $10 million into refurbishing the property.
The development includes a new 12,210-square-foot campus for Barry University’s College of Nursing and Health Services.
One tenant was represented by Tom O’Loughlin of CBRE, and the other was represented by Steve Medwin and Nick Wigoda of Newmark Southern Region LLC. Peter “PJ” Apol and Ryan Goggins represented Sunbeam Properties & Development in both deals.
The new assignments total more than 200,000 square feet.
The project spans 43 acres and brings a vibrant mix of residential, retail, and office space to the growing Congress Avenue corridor.
CRE-sources, Inc. is committed to ensuring that individuals with disabilities can access all of the goods, services, facilities, privileges, advantages, and accommodations that we offer through our website.If you are having trouble accessing the website, please call us at 954.290.3866 for assistance.
