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.
The JV completed the 71,000-square-foot retail project in 2024 and generated substantial leasing activity before the sale.
Alan Lipsky and Barry Wolfe of Marcus & Millichap represented PEBB and Banyan in the transactions.
Colliers’ Derek Baker, Gary A. Gottlieb, and Marc Fechter will lead leasing opportunities.
PEBB and Banyan picked up the 23-acre site for $7.46 million.
Located at 3600-3998 FAU Blvd., the Research Park includes a total of 308,305 square feet of office space. It is the only state university-affiliated research park in South Florida and considered a premier technology business incubator for the region.
The 71,000-square-foot project will be anchored by popular supermarket chain Aldi, which will be leasing 19,231 square feet at the center.
EDEN Living, in a joint venture with affiliates of Westport Capital Partners, just acquired a nearly 20-acre site with plans to develop 214 townhome-style units.
The deals with Aldi and numerous other newly signed tenants bring the 71,000-square-foot project to more than 50% pre-leased.
The sale does not include other components of the mixed-use development, such as its 158-unit Congregate Living Facility and numerous outparcels.
The portfolio consists of seven multi-tenant office buildings totaling 308,305 square feet.
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