Pebb Capital Secures $173M Construction Loan For Delray Beach Development
The transformative, mixed-use development spans approximately seven acres.
The transformative, mixed-use development spans approximately seven acres.
In a market where CoStar data signals a current 15.6% vacancy rate, Berger Commercial Realty brokers Brian Batchelder’s and Joseph P. Byrnes’ success stands out as a testament to their strategic leasing efforts and market knowledge.
The winning city can expect train service to begin in 2028.
City approval includes permits for 1,243 residential units, 125,000 square feet of retail space, a 140-room hotel, a 55,000-square-foot entertainment arena with seating for 5,000 people, and 85,000 square feet of medical offices.
The 125,000-square-foot mixed-use community is slated for completion the first quarter of 2025.
Douglas Mandel, Tyler Kuhlman, and Zachary Levine, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an entity tied to Malcolm Butters, and secured the buyer, LMP Boca, LLC.
The firm has also signed a 79,141-square-foot lease on the neighboring block at Miami Tower, located at 100 SE 1st Ave., for a build-to-suit corporate headquarters relocation of a multi-billion-dollar public company.
Adam Starr is PEBB’s new Vice President of Leasing, Senior Director while Florence Motavali joins as Vice President, Operations Controller.
Mike Ciadella, Scott O’Donnell, and Dominic Montazemi of Cushman & Wakefield represented the seller in the transaction.
Parks at Delray will ultimately deliver a 747-unit multifamily development offering townhouses along with three- and five-story garden-style buildings, in addition to an estimated 40,000 square feet of grocery-anchored retail space and an existing, 68,000-square-foot office building.
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