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PEBB Enterprises Closes Office Property Sale In Fort Lauderdale’s Cypress Creek

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PEBB Enterprises completed the disposition of the 6400 Building in Fort Lauderdale’s Cypress Creek neighborhood.

The $11.93 million transaction closed on Dec. 17.

JS Florida Ventures, LLC and HS Florida Ventures, LLC purchased the 55,241-square-foot office building at 6400 N. Andrews Ave. The building is 89% leased and is situated adjacent to a Marriott hotel and in close proximity to I-95.

Cypress Creek is a highly desirable office submarket due to its central location, connectivity to major highways and critical mass of retail and dining.

“This sale concludes a successful long-term investment for our company, as we owned the asset for more than 20 years,” PEBB CEO Ian Weiner said. “We are actively pursuing several new office acquisition opportunities in South Florida, and this was the right time to execute the 6400 Building disposition. PEBB remains bullish about the region’s office market and continues to target opportunities aligned with its long-term strategy of acquiring well-located commercial assets with repositioning and/or redevelopment potential.”

Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller and Miguel Alcivar represented PEBB in the 6400 Building sale.

PEBB’s portfolio of office assets includes, among others, The Eclipse (formerly known as the Office Depot headquarters), in partnership with BH Group, and the Research Park at FAU, in partnership with Banyan Development. Those properties are representative of several office assets that the company owns in its home base of Boca Raton and throughout South Florida.

BH Group, PEBB Enterprises Secure New 20,000 SF Office Tenant

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BH Group and PEBB Enterprises finalized a 20,388-square-foot office lease with MN8 Energy at The Offices at 6600 N Military Trail in Boca Raton.

The transaction comes as the joint venture advances its substantial capital improvements program to unlock the vast potential of the site.

MN8 Energy is one of the largest and most sophisticated renewable energy companies in the U.S. It serves large organizations with renewable power generation, battery storage solutions, EV charging and more.

“We are thrilled to welcome MN8 Energy to The Offices at 6600 N Military Trail,” PEBB President and CEO Ian Weiner said. “This lease is a testament to the unique appeal of the site and our joint venture’s track record for enhancing such properties.”

BH Group and PEBB are currently converting one existing floor into spec office suites to create up to seven move-in ready offices for prospective tenants. The joint venture already is negotiating several letters of intent for the spec spaces. It has also started making upgrades to lobbies, common areas and amenity spaces.

Joe Freitas and John Criddle of CBRE are handling leasing at The Offices at 6600 N Military Trail (formerly known as the Office Depot headquarters) on behalf of BH Group and PEBB.

BH Group and PEBB acquired The Offices at 6600 N Military Trail site in April 2023. The joint venture was honored with the South Florida Business Journal’s Terry Stiles Deal of the Year Award during the publication’s annual Structures Awards event in recognition of the impactful acquisition.

The Offices at 6600 N Military Trail includes 650,000 square feet of office buildings on nearly 29 acres overlooking the Broken Sound Country Club’s golf course. It features an array of amenities for future office tenants to enjoy, such as a state-of-the-art fitness center, cafeteria, auditorium, many conference rooms and covered parking.

“Our partnership is already seeing strong demand for the existing office space,” Isaac Toledano of BH Group said.  “We look forward to unveiling our long-term plans for the overall site very soon. The Offices at 6600 N Military Trail can be a crown jewel for the City of Boca Raton and accommodate the incredible growth it is experiencing.”