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PEBB, Banyan Sell Off Port St. Lucie Retail Center Asset
PEBB Enterprises and Banyan Development completed the sale of the 134,000-square-foot Lowe’s Home Improvement building, including its garden center, at Shoppes at Southern Grove in Port St. Lucie’s master-planned Tradition community. A. Duda & Sons Inc. purchased the property from PEBB and Banyan. The sale price was $10.5 million.
The Lowe’s store opened on June 5 at the retail development located at the intersection of Southwest Becker Road and Southwest Village Parkway, near the high-traffic interchange of I-95 and Becker Road.
Following the Lowe’s building sale, the partnership continues to own the remainder of the Shoppes at Southern Grove development. The transaction monetizes a significant component of the development while allowing the partnership to continue creating value across the balance of the project.
Tradition is an 8,300-acre master-planned community. Patrick Wagor of Atlantic Retail represented the sellers in the Lowe’s building sale. Matthew Mousavi of SRS Real Estate Partners represented the buyer.
- ◦Sale/Acquisition
