PEBB Enterprises JV Sells Southern Florida Retail Center
The property is situated within a master-planned community.
PEBB Enterprises and Banyan Development sold their first retail project within the master-planned Tradition community in Port St. Lucie, Fla. 4Y Plaza LLC bought The Shoppes at the Heart of Tradition in a $32 million deal.
Anchored by an Aldi grocery store, the property includes 71,000 square feet of retail that has seen significant leasing activity since its completion in 2024. Construction on the 15-acre site started in 2024. Additional tenants include Picasso Nails, Carmela Coffee, Rita’s Ice and Tomalty Dental, among others.
The development is located at the intersection of SWC Village Parkway and Discovery Way, near Interstate 95 in Port St Lucie. Across the street at 11325 SW Discovery Way sits the “Heart of Tradition” sculpture by international artist JEFRË. The PGA Golf Club at PGA Village is within about 6 miles from the property. Port Saint Lucie is 50 miles north of West Palm Beach.
One Investment Group represented 4Y Plaza LLC in the sale.
More to come to Tradition
Tradition Florida is an 8,300-acre master-planned community that opened in 2003. Plans call for the creation of 30,000 jobs and seven new residential communities that would bring 38,000 new homes to Tradition.
The Shoppes at the Heart of Tradition was PEBB Enterprises’ and Banyan Development’s first project within the mixed-use community. In late 2024, the partnership acquired another 23-arce site at Becker Road and Village Parkway from Mattamy Palm Beach LLC for $7.5 million.
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At the site, the joint venture plans to develop The Shoppes at Southern Grove, set to include a 14.2-acre shopping center with additional outparcels between 1 to 2.4 acres available for ground lease.
Acquisition activity in southern Florida
Across southern Florida multiple shopping centers have seen new owners. Back in December, Stiles and FCA Partners purchased Shoppes of Wilton Manors in the Greater Fort Lauderdale market for $27.6 million. The acquisition included a 77,746-square-foot retail center that the joint venture is planning to renovate.
Most recently in Miami, EDENS acquired Weston Road Shopping Center for approximately $51.3 million. The 108,623-square-foot property houses tenants including Jersey Mike’s Subs, Dunkin’ and T-Mobile, among other retail and dining options.
Also in southern Florida, grocery-anchored Grand Bay Plaza in Fort Myers was acquired by a private investor. Lombardi Properties and Fox Farm Capital sold the 77,810 square-foot property that features Publix, Sherwin Williams, The UPS Store and other well-known tenants.
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