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| Ian Weiner |
WEST PALM BEACH, FL -– PEBB Enterprises, the entrepreneurial private real estate investment firm, completed the $12.87 million sale of a new Tesla Service Plus location in West Palm Beach.
The firm
developed the West Palm Beach location for the pioneering electric vehicle
company as part of a broader partnership that also includes sites in Minnesota,
North Carolina and Pennsylvania.
Located on 3.62 acres at 5544 Okeechobee Blvd., the West Palm
Beach Tesla Service Plus facility totals 23,240 square feet.
Tesla is
under a long-term lease at the property which provides for a wide trade area
for both vehicle sales and service needs.
PEBB completely redeveloped the property to
rebuild and expand the existing 1980’s structure, to modernize the site and
bring it up to current code standards.
California-based Hanson West Palm Beach, LLC is the buyer. The
transaction closed on Sept. 30. Putnam Daily of Preserve West Capital
represented PEBB in the sale. The buyer was represented by Newmark Cornish
& Carey.
PEBB originally purchased the project site for $5 million in July
2017.
The site was particularly attractive to Tesla because of its
positioning within a heavily trafficked “Auto Row” adjacent to numerous luxury
car dealerships, access to the Florida Turnpike and Interstate 95 as well as allowing
for parking of 280 electric vehicles.
The firm has also developed Tesla sites in Maplewood, Minnesota
and Wexford, Pennsylvania.
PEBB continues to diversify its national portfolio of real estate
assets, with a mix of retail, office, mixed-use and automotive investments and
developments.
“It has been exciting for our firm to cultivate a relationship
with Tesla and be able to expand it with these projects,” PEBB Enterprises
President and CEO Ian Weiner said
“This partnership underscores the
entrepreneurial nature of our firm, as we are always looking for new
opportunities to diversify our nationwide real estate portfolio. We look
forward to future opportunities to collaborate with the company.”
CONTACT:
Eric Kalis
954-370-8999
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