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.
The $14 million sale was an off-market deal.
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.
In 2020, Marathe and partner Andy Dugard opened Stage Kitchen & Bar in Palm Beach Gardens. The restaurant was recognized by USA Today’s Best Restaurants of 2024. In 2023, Marathe was nominated “Best Chef: South” semifinalist by the James Beard Foundation.
Joe Freitas and John Criddle of CBRE are handling leasing at the project.
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.
Located at 6600 N. Military Trail, the campus includes 650,000 square feet of office buildings on nearly 29 acres overlooking the Broken Sound Country Club’s golf course.
Native Realty, PEBB Enterprises and NAI/Merin Hunter Codman have recently announced new hires.
The deals with Aldi and numerous other newly signed tenants bring the 71,000-square-foot project to more than 50% pre-leased.
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