Real estate investment company closes acquisition of project site across from Beachwalk mixed-use community
PEBB Enterprises is developing a new retail center anchored by grocery giant Publix in St. Johns County, part of the Jacksonville metropolitan area. The South Florida-based commercial real estate investor and developer completed the acquisition of the 8.85-acre project site and will begin initial site work immediately.
Project plans include a 48,400-square-foot Publix location and 10,500 square feet of additional in-line retail space. The site, located at 855 County Road 210 West, is directly across the street from master-planned mixed-use community Beachwalk. The 3,000-acre community includes luxury residences, a planned 100-room hotel, retail, offices, industrial facilities, an elementary school and an existing 14-acre Crystal Lagoon – the largest of its kind in the U.S.
The Publix location will share a new traffic signal intersection with Beachwalk’s northern commercial component, which is planned to include 300 multifamily units and 150,000 square feet of commercial space around the Crystal Lagoon.
PEBB paid $2.75 million to purchase the project site. The transaction closed on July 10.
“We are excited to embark on our company’s first ground-up Publix development in many years,” PEBB Enterprises President and CEO Ian Weiner said. “You could not ask for a better anchor tenant, and the location on a major east-west connecting corridor across from a vibrant mixed-use community is unparalleled.”
Twin Creeks Development, the developer of Beachwalk, sold the site to PEBB.
“We are thrilled to be able to announce our deal with PEBB and Publix, as we know it will be a fantastic addition to our project—and one that both residents and visitors will be able to benefit from,” said developer John Kinsey. “With all of the additional residential development happening in and around our project, the timing and location are key.”
PEBB expects to complete construction by summer 2021. In addition to Publix, signed tenants include Publix Liquor Store and Lavender Spa. The company is also in negotiations with several prospective tenants.
The project’s site plan is approved and shovel ready, with all site civil permits in place. Building permits have been submitted to St. John’s County for review, which will continue to be processed during the initial site and underground utility work.
“This ground up development addresses the pent-up demand for new grocery and retail space to complement the residential boom in the surrounding area,” PEBB Chief Development Officer Eric Hochman said. “We intend to deliver a forward-thinking, well-designed project to serve the local community, existing and future residents, nearby professionals and visitors.”
For leasing inquiries, contact PEBB’s Chris Stewart or Jenny Schuemann at (561) 613-4020.
About PEBB Enterprises: Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth on a daily basis. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.
