PEBB Enterprises Expands into New York Market with Retail Acquisition

 Ian Weiner

 

BOCA RATON, FL and NEW YORK, NY –– PEBB Enterprises, the entrepreneurial private real estate investment firm, is making its first foray into the New York market with the acquisition of a Long Island shopping center.

Mark Kaplan

The firm, in partnership with New York-based Sagamore Hill Partners, purchased Soundview Marketplace, a retail property with significant upside, in affluent Port Washington.

John Bell

PEBB and Sagamore acquired the 188,109-square-foot shopping center at 10 Shore Road for an undisclosed price. The transaction closed on Dec. 18, 2020.

Built in 1962 and 1977, Soundview Marketplace is comprised of four buildings on nearly 11 acres. 

Notable tenants include Target, TJ Maxx, Walgreens, West Marine and Ace Hardware. Target and TJ Maxx recently signed long-term leases at the center.

Soundview Marketplace presents an exceptional value-add opportunity for PEBB and Sagamore. 

It was 75% leased at closing, leaving substantial room to backfill remaining space at present-day rents.

Jon Kleinberg 

“Expanding into New York with this acquisition is an incredible way to close out the year,” PEBB Enterprises President and CEO Ian Weiner said.

 “This is a particularly exciting asset due to its location, strong anchor tenants and future lease-up potential. PEBB continues to pursue investment opportunities in New York and the broader Northeast market.”

“With this acquisition, we have the opportunity to complete Soundview Marketplace’s transformation into the area’s top shopping and dining destination.”  

Mark Kaplan, Principal of Sagamore Hill Partners added.  “Through site improvements and a focus towards attracting best-in-class operators, we can achieve that goal.”

Transwestern’s John Bell, Jon Kleinberg and Patrick Heeg of the firm’s Miami, Atlanta and New York offices, respectively, represented the seller. 

Patrick Heeg 

The property was marketed through the Ten-X commercial real estate transaction platform.

Port Washington is a hamlet, or community, in Nassau County on the North Shore of Long Island.

 The upscale area is known for luxurious homes, marinas, yacht clubs and golf courses.

  CONTACTS:

Eric Kalis

954-370-8999

ekalis@boardroompr.com

 

Daniel Benjamin

Senior Account Executive

 BoardroomPR

dbenjamin@boardroompr.com

O 954-370-8999

C 954-618-8287

www.saghill.com.

https://pebbenterprises.com/.  

JLL Capital Markets finds retail lending remains active with insurance companies and local banks

Claudia Steeb

CHICAGO, IL – Various coronavirus stay-at-home orders affected retail investment sales transactions in the early days of the pandemic, but insurance companies and local bank lenders kept capital at the ready for deployment into retail.

With historically low interest rates, JLL Capital Markets retail debt placement teams have closed $542.83 million worth of retail financings since July, demonstrating the lending community’s confidence in segments of the retail sector.

 “There is a myth that retail is unfinanceable today, and that’s absolutely untrue,” said Christopher Drew, Senior Managing Director, Capital Markets, JLL Americas.

“When structured appropriately, plenty of financing is available to investors. In fact, certain lenders, like local and regional banks, never stopped lending.”

Record-low interest rates are also bringing new investors to the sector, according to Claudia Steeb, Managing Director, Capital Markets, JLL Americas.

“Investors notice these rates and see an opportunity to expand their holdings and balance out their portfolios with retail acquisitions, possibly at a discount.”

 Steeb also says flexibility is vital to retail lending, which is causing the type of lender providing the most agreeable terms to shift.

Christopher Drew

 “Even though we are working with all types of lenders, insurance companies and local and regional banks are paving the way toward getting retail deals done in 2020,” Steeb explained.

“They have flexibility, tend not to have significant exposure in any particular asset class and are able to arbitrage the market so when competitors pull out, they can jump in and gain extra yield for their portfolio.”

  Steeb points out that JLL is seeing other lenders, such as bridge lenders, debt funds and CMBS, underwriting well-located retail assets with strong sponsorship and existing supportable cash flow to determine if they can sell their loan committees and/or rating agencies on the retail loan opportunities.

 For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

  

 CONTACT:

Kimberly Steele,

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

Blue Ocean Wealth Advisors Moves to Maitland, FL

Andy McCaw

 ORLANDO, FL – Andy McCaw, FMA, Vice President at NAI Realvest, recently helped tenant Blue Ocean Wealth Advisors, LLC relocate to a new office. 

 Blue Ocean consists of two separate operating companies known as Dorman Financial Management and Carpenter, Claydon Advisors. 

They are moving to 557 North Wymore Road, Suite 201, Maitland and will be occupying 2,965 SF by the first of the new year. 

 

The landlord, SLRK, LLC was represented by Jamie Barati and John Worrell with JLL.  

 

About NAI Realvest

 

NAI Realvest, covering all of central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.

 

 CONTACTS:

Yelena Gurtovenko 

ygurtovenko@realvest.com

 

Andy McCaw, FMA, Vice President, NAI Realvest

407-875-9989, amccaw@realvest.com

 

Patrick Mahoney, President/CEO, NAI Realvest,

407-875-9989 pmahoney@realvest.com

 

www.nairealvest.com.