The project will include more than 120,000 square feet of Class A office space, along with over 11,000 square feet of ground-floor retail.
The transaction marks the first partnership between the two firms.
“This refinancing reflects both the quality of the portfolio assets and continued strength of the Boca Raton office market,” PEBB Enterprises CEO Ian Weiner said.
This transaction brings the 420,525 square feet of rentable Class A office space at the project to nearly full occupancy.
PEBB, in a joint venture with Cincinnati-based Topvalco Inc., sold the property for $30 million.
Scott O’Donnell of Cushman & Wakefield represented PEBB in the sale.
The project encompasses over 405,000 square feet of existing office space across two buildings, two ground-up retail and restaurant outparcel buildings totaling approximately 21,500 square feet, a nearly 37,000-square-foot Equinox gym and 500 multifamily units.
PEBB Enterprises and Banyan Development continue to target the Treasure Coast region for strategic investment opportunities, with a particular focus on rapidly growing Port St. Lucie.
Construction of the 134,000-square-foot store is underway, with a projected opening in 2026.
The transactions included numerous new leases and a sale transaction.