PEBB Enterprises Acquires Boca Office Complex for $26M
Boca Raton-based PEBB Enterprises partnered with Butters Construction & Development to purchase a 15,000-square-foot office complex. The transaction represents a 25% value increase from the property's last sale in 2006.
PEBB Enterprises, a Boca Raton-based real estate firm, has acquired a 15,000-square-foot office complex at 1951 Northwest 19th Street for $26.2 million in partnership with Butters Construction & Development.
The sellers were represented by an LLC managed by Sylvia Kanoff, who had held the property since its previous sale in 2006 for $21 million. The recent transaction reflects a 25% appreciation over the 20-year holding period, demonstrating steady value growth in Boca Raton's commercial real estate sector.
Both acquiring companies maintain strong local ties, with PEBB Enterprises and Butters Construction & Development both headquartered in Boca Raton. This local ownership structure suggests continued investment in the area's commercial infrastructure and potential development opportunities for the property.
The deal highlights ongoing activity in South Florida's commercial real estate market, where office properties continue attracting investor interest despite evolving workplace patterns. Boca Raton's position as a major business hub in Palm Beach County makes it particularly attractive for commercial real estate investments.
Meanwhile, residential markets across South Florida recorded several high-value transactions. The most expensive residential sale occurred in Surfside, where Mazalmint Property LLC, connected to San Francisco investment firm Iconiq Capital, purchased a unit at the Seaway at Surf Club North for $41.2 million.
The 8,000-square-foot condominium at 9165 Collins Avenue commanded approximately $5,200 per square foot, reflecting the premium pricing typical of luxury oceanfront properties in the area. Fort Partners served as the seller in this transaction.
Palm Beach also saw significant residential activity, with a North Lake Way property selling for $30.8 million. The 4,600-square-foot home, built in the 1960s, was sold by investors Michelle Miller and Myron Miller to a trust managed by Bradley McPherson. The sale price of roughly $6,600 per square foot exceeded the commercial office transaction on a per-square-foot basis.
Another Palm Beach transaction involved a 5,000-square-foot residence at 218 List Road, which sold for $15.9 million to Christopher Asplundh Jr. The property, originally built in 1959, was purchased by sellers Austin and Mary Willis in 2014 for just under $3 million, representing substantial appreciation over the 12-year ownership period.
These transactions collectively demonstrate continued strength in South Florida's premium real estate markets, with both commercial and residential properties attracting significant investment from local and out-of-state buyers.
