PEBB Enterprises, the entrepreneurial private real estate investment firm, completed the $12.87 million sale of a new Tesla Service Plus location in West Palm Beach. The firm developed the West Palm Beach location for the pioneering electric vehicle company as part of a broader partnership that also includes sites in Minnesota, North Carolina and Pennsylvania. Located on 3.62 acres at 5544 Okeechobee Blvd., the West Palm Beach Tesla Service Plus facility totals 23,240 square feet. Tesla is under a long-term lease at the property which provides for a wide trade area for both vehicle sales and service needs. PEBB completely redeveloped the property to rebuild and expand the existing 1980’s structure, to modernize the site and bring it up to current code standards. California-based Hanson West Palm Beach, LLC is the buyer. The transaction closed on Sept. 30. Putnam Daily of Preserve West Capital represented PEBB in the sale. The buyer was represented by Newmark Cornish & Carey. PEBB originally purchased the project site for $5 million in July 2017. The site was particularly attractive to Tesla because of its positioning within a heavily trafficked “Auto Row” adjacent to numerous luxury car dealerships, access to the Florida Turnpike and Interstate 95 as well as allowing for parking of 280 electric vehicles. PEBB continues to diversify its national portfolio of real estate assets, with a mix of retail, office, mixed-use and automotive investments and developments.
“It has been exciting for our firm to cultivate a relationship with Tesla and be able to expand it with these projects,” PEBB Enterprises President and CEO Ian Weiner said “This partnership underscores the entrepreneurial nature of our firm, as we are always looking for new opportunities to diversify our nationwide real estate portfolio. We look forward to future opportunities to collaborate with the company.”
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