PEBB Enterprises, Banyan Development Close $32 Million Retail Disposition In Port St. Lucie’s Tradition

PEBB Enterprises and Banyan Development completed the joint venture’s successful first foray into Port St. Lucie’s master-planned Tradition community with the sale of The Shoppes at the Heart of Tradition.

PEBB and Banyan closed the $32 million disposition on May 15.

The venture completed the 71,000-square-foot retail project in 2024 and generated substantial leasing activity before the sale to 4Y Plaza, LLC. The Aldi-anchored shopping center’s name is a nod to its location adjacent to the “Heart” sculpture by acclaimed international artist JEFRË designed and constructed at Tradition.

Additional tenants at the center include Papa John’s Pizza, Carmela Coffee, Kyle G’s Amore Chop House, Spanish restaurant Port Tradition, Tomalty Dental, Peach Cobbler Factory, Picasso Nails, Rita’s Ice and Swift Mediterranean Grill.

“Our joint venture identified a glaring need for brand-new retail and dining to support Tradition’s numerous large-scale planned residential communities,” PEBB Enterprises CEO Ian Weiner said. “The Shoppes at the Heart of Tradition was incredibly well-received by the community, and we are excited about the progress of our next project within Tradition.”

One Investment Group represented the buyer in the transaction.

PEBB and Banyan are now developing the Shoppes at Southern Grove within Tradition. The project will consist of a 14.2-acre anchor retail development with additional individual outparcels available for ground lease fronting Becker Road and Village Parkway. The outparcels range from approximately 1.0 to 2.4 acres.

The Shoppes at Southern Grove site is close to new residential, retail, medical and industrial developments. The residential projects will bring more than 38,000 additional homes to Tradition. The available outparcels are in front of a 134,147-square-foot home improvement store surrounding a 5,915-square-foot gas station/convenience store.

“We continue to be long-term believers in the Tradition community,” Banyan Development Principal Ross Feurring said. “Tradition’s residential population growth and ability to accommodate additional new retail and food-and-beverage inventory are undeniable.”