Deal closes on 256K-square-foot mixed-use office and retail complex on 11.6 acres just south of Downtown West Palm Beach

WEST PALM BEACH, Fla. (August 16, 2024) ― Real estate investment and development firm Pebb Capital and Sabal Investment Holdings (Sabal), an investment management firm serving institutional investors across the U.S, announced today the acquisition of “The Press” – a mixed-use, dynamic asset located in West Palm Beach, Fla. Pebb Capital and Sabal will spend just under $80 million between the acquisition and repositioning, including significant follow on capital to improve and enhance the property. Located at 2751 S. Dixie Highway, it was purchased from Tricera Capital in an off-market transaction.

Capital improvements will include office building common area enhancements and completion of spec suites, as well as enrichments to the property’s landscape and hardscape in order to improve the property’s street presence on Dixie Highway all in an effort to attract additional high-quality experiential tenancy for the benefit of the complex and greater West Palm and El Cid market. Consistent with Pebb Capital’s other developments in South Florida, The Press will be another premier mixed-use campus in a prime location.

The 11.6-acre development, retrofitted from a former printing press and distribution facility, consists of 256,653 square feet of office and retail space with a developable 3.7-acre parcel presently used for parking. Tenants include The Palm Beach Post, Palm Beach Atlantic University, retail anchor Joseph’s Classic Market, Pink Steak, Starbucks, Restore, Tremble Pilates and Amped Fitness.

“The successful acquisition of this asset confirms our ability to successfully transact in challenging macro-office market conditions,” said Todd Rosenberg, co-founder and managing partner of Pebb Capital. “‘The Press builds on our momentum in the region, and curating the right tenant mix will deliver a one-stop-shop for not only the property’s current users and prospective tenants, but the surrounding area as a whole.”

In close proximity to the El Cid District, which is listed on the Local, State and National Register of Historic Places, as well as growing developments in Downtown West Palm Beach, “The Press” boasts a strategic location for office and retail evolution in the market’s southern sector.

“This asset boasts an irreplaceable location, which is both across from the El Cid District and in one of the best-performing submarkets in the country,” says Barton Vaughan, director of investment management with Sabal Investment Holdings. “Additionally, we were able to acquire at what we believe to be an attractive basis and plan to invest significant capital to unlock its potential value.”

Adds Tal Seder, Sabal’s managing director of opportunistic investments, “In partnership with a premier local operator that has strong connections in the community, this acquisition provides a tremendous value proposition which attracted us to the deal.”

About Sabal Investment Holdings

Sabal Investment Holdings (“Sabal”) is a fully integrated real estate investment manager serving institutional investors across the U.S. Sabal Investment Holdings is headquartered in Irvine, California. A fully-integrated firm, Sabal Investment Holdings identifies, underwrites, structures and closes commercial real estate investment opportunities throughout the capital stack. The firm currently manages over $1.4 billion in assets. Visit www.sabalinvestmentholdings.com.

About Pebb Capital

Founded in 2014, Pebb Capital is a diversified, multi-strategy real estate investment and development firm. The firm invests across the capital stack and focuses on value-oriented and cyclically-defensive investments that generate attractive risk-adjusted returns. Since its inception, the firm has amassed a portfolio exceeding $2 billion of investment value across multiple ventures, including multifamily, student housing, retail, office, lending, hospitality, and more. For further information, visit www.pebbcap.com.