The South Florida Business Journal reported PEBB Enterprises, Banyan Development and Liberty Investment Properties secured a $14.7 million construction loan to move forward with their commercial development west of Delray Beach. Doral-based Banesco USA provided the mortgage. The developers broke ground on Atlantic II in July. Jupiter-based MASON Development & Construction, LLC is the general contractor. The project will consist of 10,000 square feet of retail and 100,000-square foot of self-storage. It was also approved for a car wash, but PEBB sold that development pad in October for $3.05 million to Coral Gables-based El Car Wash. It’s been challenging for many developers to obtain construction loans this year amid a tight lending environment and higher interest rates, but this project had strong preleasing. The developers said Paradise Grills leased 6,000 square feet of the retail building. They contracted with StoreEase Virtual Management ® to run the self-storage facility. The development should be completed in mid-2024. This site is adjacent to Plaza Delray, a 30,700-square-foot retail center PEBB completed in 2021. Banyan Development previously built Shop Delray in the area. Full article by Brian Bandell below. Photo credit: Atlantic Aerial Imaging LLC Media Contact: Eric Kalis/Daniel Benjamin, MBA of BoardroomPR
Banyan Development
Real Estate
Boca Raton, Florida 469 followers
Banyan Development is a real estate development company based in South Florida
About us
Banyan Development is a Real Estate Development company focused on retail development and real estate investment primarily in the Florida marketplace. The principals have extensive experience in various markets in the US over the last 3 decades and between them have developed over 3 million square feet of retail, office, industrial and residential real estate. Some examples are: University Commons, 2200 Butts, Mission Bay Plaza (Boca Raton, FL), Wellington Green Square and Commons (Wellington, Florida). We currently have several single tenant deals in various stages of development in Florida as well as 2 retail strips and a Fresh Market anchored lifestyle center (Schmier and Feurring).
- Website
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http://www.banyandev.com
External link for Banyan Development
- Industry
- Real Estate
- Company size
- 2-10 employees
- Headquarters
- Boca Raton, Florida
- Type
- Partnership
Locations
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Primary
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Boca Raton, Florida 33431, US