Pebb Capital And Sabal Investment Holdings paid $53 million for The pressa mixed-use development in West Palm Beach, Florida, according to land records.
The 11.6 acre property has 256,653 square meters of office and retail space in 2751 South Dixie HighwayAccording to a spokesman for the joint venture, the complex is about 73 percent leased.
Tenants are the Palm Beach Post And palm Beach Atlantic University and retail tenants Joseph’s Classic Market, Pink Steak, Starbucks, Restore Spa, Trembling Pilates And Amped Fitness.
The joint venture plans to spend about $27 million to redevelop the 3.7-acre parking lot, the buyers said in a statement. Plans have not been decided but are unlikely to include a residential portion, according to a project representative.
The seller, Tricera Capitalhad bought the property, which was once exclusively the headquarters of the Palm Beach Postfor $24 million in 2019. The Miami-based investor, whose representative declined to comment, converted the office complex into a mixed-use property and added a retail component after securing a refinancing and a $50.8 million construction loan in 2021.
Pebb, a Boca Raton-based developer led by Todd Rosenbergis still active in the region. At the end of last year $173 million raised to build a mixed-use building in Downtown Delray Beach. In May bought a waterfront shopping center in Fort Lauderdale, next to Associated group And BH Groupfor $48 million with plans to add a living area.
Julia Echikson can be reached at [email protected].
