Truist Bank provides financing for new project across from Beachwalk mixed-use community
PEBB Enterprises secured a construction loan for the new Publix-anchored retail center it is developing in St. Johns County, part of the Jacksonville metropolitan area. Truist Bank is the lender.
The $9.92 million transaction closed on Sept. 11.
PEBB, a South Florida-based commercial real estate investor and developer, acquired the 8.85-acre project site on July 10th. Initial site work is underway, with J. Raymond Construction serving as the project’s general contractor.
“We are thrilled to complete this transaction with Truist Bank,” PEBB Enterprises President and CEO Ian Weiner said. “We appreciate their support for a development that will address the strong demand for service-oriented retail in the surrounding area.”
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 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 interest from prospective tenants for in-line space has been tremendous,” PEBB Chief Development Officer Eric Hochman said. “The marketplace is responding to the strength of Publix as an anchor, the critical mass created by Beachwalk and unparalleled location of the project.”
Last month, PEBB and joint venture partner Falcone Group announced a significant expansion to the overall development. The venture acquired 14.88 acres of land surrounding the Publix site and plans to develop additional retail, medical and restaurant space.
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/.
