Carlyle pays $33 million for Boynton Beach mall

Ian Weiner of Pebb Enterprises and Jason Sher of Banyan Development with aerial
view of 9850 Jog Road (Pebb Enterprises, LinkedIn)

Carlyle Management doubled its retail holdings in Boynton Beach with a $33 million purchase of the anchored mall in Sprouts.

A subsidiary of Katonah, New York-based Carlyle has acquired the commercial component of Mainstreet in Boynton at 6405 Boynton Beach Boulevard, according to a press release. The deal comes down to $630 per square foot.

The developer of the 52,000 square foot mall, a joint venture between Pebb Enterprises and Banyan Development, sold the site after completing Mainstreet in Boynton last year, the statement said. Danny Finkle and Eric Williams with JLL represented the seller.

Mainstreet in Boynton is a mixed-use project which also includes several exterior parcels not included in the Carlyle Agreement. It also includes 5.3 acres of land that the joint venture sold to Chicago-based Harrison Real Estate, which is building a 158-unit seniors’ residence. Harrison paid $5.3 million for the site last year.

In January, Pebb and Banyan sold an outdoor plot leased to Synovus Bank for $5.1 million and sold a gas station plot leased to Wawa for $9.5 million in May. In addition to Sprouts, the mall’s tenants include AT&T, Crown Wine & Spirits, F45, Capitol Carpet & Tile and GoodVets.

Pebb and Banyan, both based in Boca Raton, paid $12 million for the 16-acre property in 2019 and secured a $27 million construction loan a year later, records show. Pebb is led by President and CEO Ian Weiner, and Banyan is led by Director Jason Sher.

Carlyle, managed by Charles Rosner, also owns Boynton Commons, a shopping center on a 22.8-acre site in Boynton Beach. In 2019, the company paid $50 million for Boynton Commons, which counts PetSmart, Party City, Bed Bath & Beyond and Barnes & Noble as tenants.

South Florida has a long line of investors buying malls anchored by grocery stores. Last month, Azora Exan, a joint venture between Madrid-based Azora and Miami-based Exan Capital, paid $22.2 million for the Aldi-anchored Plantation Crossing at Plantation.

In Deerfield Beach, investor James Batmasian paid $17 million for a mall anchored by a Walmart neighborhood market. And in Hialeah, Longpoint Realty Partners bought El Paraiso, a two-building mall anchored by Sedanos, for $43.2 million.

Edwin S. Wolfe