Pebb Enterprises and Topvalco have sold Delray Landing, a shopping center anchored by Sprouts Farmers Market in Delray Beach, for $30 million. The sale took place on Thursday, according to a statement from Pebb Enterprises.
The property is located at 5024-5070 West Atlantic Avenue and is fully leased. Its tenants include Retro Fitness, Keke’s Breakfast Café, CJ’s Sports Bar & Grill, and Good Vets. The center covers 70,400 square feet on a 6.3-acre lot and was completed in 1981.
The buyer of the property is an entity called 30 Realty, managed by Charles Rosner of Carlyle Management Group based in Boca Raton. Eric Williams and Cole Frantz of Newmark represented the sellers in the transaction.
According to real estate data provider Vizzda, the buyer assumed an existing loan of $17.3 million on the property from Seacoast National Bank and increased it to $19 million.
Pebb Enterprises originally purchased the center—then known as Delray Commons—in 2003 and sold it in 2015. Topvalco acquired it in 2018 before partnering with Pebb again in 2021 when Pebb paid $10.5 million for its stake. Together, they renovated the property with updates including a new façade and roof as well as improvements to parking areas, lighting, signage, and landscaping.
Demand for grocery-anchored retail centers has been high across South Florida. In November, entities associated with Rosner and Carlyle Management were involved in acquiring a Coral Springs shopping center anchored by Aldi, Hobby Lobby, and Petco for $60.5 million. Other recent sales include Stockbridge Capital Group’s purchase of a Whole Foods Market-anchored center within Uptown Boca for $118.4 million; Core Investment Properties Fund and James Resnick’s acquisition of Jacaranda Plaza anchored by Publix for $53 million; and Ram Realty Advisors’ purchase of The Shoppes at Jupiter where Whole Foods has leased space also for $53 million.
Pebb Enterprises remains active in other projects such as The Eclipse redevelopment at 6600 North Military Trail in Boca Raton alongside BH Group—a company led by the Toledano family—and Related Group headed by the Pérez family. They are renovating two office buildings on site while replacing another building with a planned 500-unit apartment complex. Additionally, Pebb is collaborating with BH Group and Related on a proposed 33-story residential tower along Fort Lauderdale’s waterfront that would offer 521 units under Florida’s Live Local Act.
