Wellington, Fla. — PEBB Enterprises and Pebb Capital have sold the Shoppes at Isla Verde for approximately $74 million to MetLife Investment Management.
The Shoppes is situated on a 22-acre, four-parcel land assemblage in Wellington, a village in Palm Beach County. The center was 94.2 percent occupied at the time of the sale. The 207,030-square-foot, grocery-anchored retail center was completed in 2008 and houses several national retailers, including CVS/pharmacy, Best Buy, Old Navy, Petco, Panda Express, Chipotle Mexican Grill and Ulta Beauty. PEBB Enterprises announced in July that Sprouts Farmers Market will also join the tenant roster. PEBB Enterprises, founded in 1972, is a family-owned and operated real estate investment company based in Boca Raton, Florida. Pebb Capital spun off of PEBB Enterprises in 2014. Daniel Finkle, Luis Castillo and Eric Williams of HFF represented the sellers in the transaction.