PEBB Enterprises, a private equity real estate investment company based in Boca Raton, partnered with Contrarian Capital Management to acquire the Meridian Office Center in Boca Raton. The joint venture purchased the 11.14-acre property within The Park at Broken Sound for $29.85 million, making PEBB’s third acquisition in the prestigious business park.

The 131,680-square-foot property consists of two single-tenant net leased buildings. Cross Country Healthcare occupies the 70,406-square-foot building at 6551 Park of Commerce Boulevard and Lexis Nexis occupies the 61,274-square-foot building at 6601 Park of Commerce Boulevard. Professional Bank oversaw the financing for the purchase and Christian Lee, Jose Antonio Lobon and Marcos Minaya from CBRE represented the seller in the transaction.

“Our team is constantly looking for opportunities to expand our South Florida portfolio, especially in the thriving Boca Raton office market,” Ian Weiner says, PEBB president and CEO. “We have always had great interest in properties located within The Park at Broken Sound and we are excited to be able to grow our footprint in the area.”

The Park at Broken Sound is a 700-acre mixed-use business park directly off I-95. It offers free shuttles to and from the city’s Tri-Rail station and convenient access to nearby lifestyle, entertainment and recreation centers.

PEBB Enterprises also owns the 5900 Broken Sound building leased to Infinity Sales Group and the ADT Building, which is home to the security giant’s corporate headquarters. Both buildings are in The Park at Broken Sound. Over the last year, PEBB has been highly active in the Boca Raton office market with acquisitions of the 308,305-square-foot Research Park at Florida Atlantic University and the 61,188-square-foot Eighteen Zero One Building located on North Military Trail.

Image courtesy of Aerial Imaging