Pebb Capital and Sabal Investment Holdings have announced the acquisition of “The Press,” a mixed-use property located at 2751 South Dixie Highway in West Palm Beach, Florida. The transaction, made in an off-market deal with Tricera Capital, includes plans for nearly $80 million in acquisition and repositioning efforts. These plans involve significant capital improvements, such as enhancing the office building’s common areas, completing spec suites, and upgrading the landscape and hardscape along Dixie Highway to attract additional high-quality tenants.
The Press. Credit: Pebb Capital, Sabal Investment Holdings.
“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.”
The 11.6-acre site, originally a printing press and distribution facility, has been retrofitted into 256,653 square feet of office and retail space. It also includes a 3.7-acre parcel currently used for parking, with potential for future development. Current tenants include The Palm Beach Post, Palm Beach Atlantic University, and retail anchors such as Joseph’s Classic Market, Pink Steak, Starbucks, Restore, Tremble Pilates, and Amped Fitness.
Located near the El Cid District, a site listed on the Local, State, and National Register of Historic Places, and amid the growing developments in Downtown West Palm Beach, “The Press” occupies a prime location poised for office and retail transformation in the southern part of the market.⬤
“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.”
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