Pebb Enterprises Acquires Property From PointOne Holdings At 1701 Military Trail For $31.5M

The Jupiter Innovation Center, located at 1701 Military Trail in Jupiter, FL, was sold for $31,500,000.00. This office and R&D property encompasses 186,238 square feet and is situated on 16 acres. The asset was completed in 1990 and underwent renovations in 2016. Currently, it is 55 percent leased with tenants, including Jupiter Medical and the former landlord Florida Turbine Technologies.

Summary of transation details:

• Property Type: Office and R&D
• Transaction Amount: $31,500,000.00
• Address: 1701 Military Trail, Jupiter, FL, 33458
• Market: Jupiter
• Seller: PointOne Holdings
• Buyer: Pebb Enterprises
• Seller's Representative: Gregory (Greg) Miller, Cushman & Wakefield
• Acquisition Loan Amount: $30,500,000 from Rialto Capital Management

The transaction marked the second joint venture between Pebb Enterprises and Tortoise Properties, who previously collaborated in 2018 for the acquisition of ADT Inc.’s global headquarters in Boca Raton, FL. The deal was brokered by a team from Cushman & Wakefield, including Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, and Miguel Alcivar. Additionally, Jason Hochman arranged the acquisition financing for the buyer.