{"id":1004758437,"date":"2025-05-21T12:22:19","date_gmt":"2025-05-21T20:22:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004758437"},"modified":"2025-05-21T12:22:21","modified_gmt":"2025-05-21T20:22:21","slug":"pebb-enterprises-jv-sells-southern-florida-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pebb-enterprises-jv-sells-southern-florida-retail-center\/","title":{"rendered":"PEBB Enterprises JV Sells Southern Florida Retail Center"},"content":{"rendered":"\n<p>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. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/The-Shoppes-at-the-Heart-of-Tradition.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004758914\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pebb-enterprises-jv-sells-southern-florida-retail-center\/the-shoppes-at-the-heart-of-tradition\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/The-Shoppes-at-the-Heart-of-Tradition.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Shoppes at the Heart of Tradition\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Shoppes at the Heart of Tradition. Image courtesy of PEBB Enterprises and Banyan Development&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/The-Shoppes-at-the-Heart-of-Tradition.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/The-Shoppes-at-the-Heart-of-Tradition.jpg\" alt=\"The Shoppes at the Heart of Tradition\" class=\"wp-image-1004758914\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/The-Shoppes-at-the-Heart-of-Tradition.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/The-Shoppes-at-the-Heart-of-Tradition.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/The-Shoppes-at-the-Heart-of-Tradition.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">The Shoppes at the Heart of Tradition<em>. Image courtesy of PEBB Enterprises and Banyan Development<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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\u2019s Ice and Tomalty Dental, among others. <\/p>\n\n\n\n<p>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 \u201cHeart of Tradition\u201d sculpture by international artist JEFR\u00cb. 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.<\/p>\n\n\n\n<p>One Investment Group represented 4Y Plaza LLC in the sale.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-more-to-come-to-tradition\"><strong>More to come to Tradition<\/strong><\/h2>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>The Shoppes at the Heart of Tradition was PEBB Enterprises&#8217; and Banyan Development&#8217;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.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/why-investors-are-hungry-for-grocery-anchored-retail\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why Investors Are Hungry for Grocery-Anchored Retail<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>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. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-acquisition-activity-in-southern-florida\"><strong>Acquisition activity in southern Florida<\/strong><\/h2>\n\n\n\n<p>Across southern Florida multiple shopping centers have seen new owners. Back in December, Stiles and FCA Partners purchased <a href=\"https:\/\/www.commercialsearch.com\/news\/stiles-buys-metro-miami-retail-center\/\" target=\"_blank\" rel=\"noreferrer noopener\">Shoppes of Wilton Manors<\/a> 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.<\/p>\n\n\n\n<p>Most recently in Miami, EDENS acquired <a href=\"https:\/\/www.commercialsearch.com\/news\/edens-buys-miami-retail-center-for-51m\/\" target=\"_blank\" rel=\"noreferrer noopener\">Weston Road Shopping Center<\/a> for approximately $51.3 million. The 108,623-square-foot property houses tenants including Jersey Mike\u2019s Subs, Dunkin\u2019 and T-Mobile, among other retail and dining options. <\/p>\n\n\n\n<p>Also in southern Florida, grocery-anchored <a href=\"https:\/\/www.commercialsearch.com\/news\/lombardi-properties-jv-sells-fort-myers-shopping-center\/\" target=\"_blank\" rel=\"noreferrer noopener\">Grand Bay Plaza in Fort Myers<\/a> 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.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property is situated within a master-planned community.<\/p>\n","protected":false},"author":3749,"featured_media":1004758914,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,32781],"tags":[40722],"class_list":["post-1004758437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-southeast","tag-pebb-enterprises"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PEBB Enterprises JV Sells Southern Florida Retail Center - 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