Pebb Enterprises and Topvalco have sold Delray Landing, a shopping center anchored by Sprouts Farmers Market in Delray Beach, for $30 million. The transaction reflects continued investor interest in retail properties with grocery store tenants.
The sale closed on Thursday, according to a statement from Pebb Enterprises. The property is located at 5024-5070 West Atlantic Avenue. State records show that Charles Rosner of Carlyle Management Group manages the buying entity, 30 Realty.
Eric Williams and Cole Frantz of Newmark represented the sellers in the deal. The buyer assumed an existing $17.3 million loan on the property and increased it to $19 million through Seacoast National Bank, as reported by Vizzda.
Delray Landing is fully leased, with tenants including Retro Fitness, Keke’s Breakfast Café, CJ’s Sports Bar & Grill, and Good Vets. The center was built in 1981 and covers 70,400 square feet on a 6.3-acre site.
Pebb Enterprises originally acquired the shopping center in 2003 when it was known as Delray Commons and later sold it in 2015. After Topvalco purchased the property in 2018, Pebb partnered with them again in 2021 by acquiring a stake for $10.5 million.
Renovations made by Pebb and Topvalco included updates to the façade and roof as well as improvements to parking areas, lighting, signage, and landscaping.
Pebb Enterprises is also involved in other South Florida projects. In partnership with BH Group and Related Group, they are redeveloping the former Office Depot headquarters site at 6600 North Military Trail in Boca Raton into a mixed-use project called The Eclipse. This includes renovating two office buildings and replacing another with a planned 500-unit apartment building. Additionally, Pebb is working with BH Group and Related on a proposed 33-story residential tower along Fort Lauderdale’s waterfront that would include more than 500 units.
Charles Rosner has been active in grocery-anchored retail investments across South Florida. In November, entities linked to Rosner and Carlyle Management joined another buyer to purchase a Coral Springs shopping center anchored by Aldi for $60.5 million.
Other recent transactions highlight ongoing demand for similar properties: Stockbridge Capital Group bought a Whole Foods-anchored shopping center within Uptown Boca for $118.4 million; Core Investment Properties Fund and James Resnick acquired Jacaranda Plaza—anchored by Publix—for $53 million; Ram Realty Advisors purchased The Shoppes at Jupiter (with Whole Foods as tenant) for $53 million.
