Pebb Capital and Sabal Investment Holdings have jointly acquired “The Press,” a mixed-use development in West Palm Beach, Florida. The purchase was made from Tricera Capital through an off-market transaction for just under $80 million. As part of the acquisition and repositioning process, Pebb Capital and Sabal will invest in capital improvements to enhance the property.
Located at 2751 S. Dixie Highway, The Press spans 11.6 acres and includes 256,653 square feet of office and retail space as well as a developable 3.7-acre parcel currently used for parking. Formerly a printing press facility, the property has been retrofitted into its current mixed-use form.
Some of the planned capital improvements include enhancements to common areas within the office building such as spec suites, along with upgrades to landscaping and hardscaping to improve its street presence on Dixie Highway.
Tenants at The Press include notable names such as The Palm Beach Post newspaper company,Palm Beach Atlantic University,and retail anchor Joseph’s Classic Market.Additionally,the development is home to popular establishments like Pink Steak restaurant chain ,Starbucks coffee shop ,Restore health center,Tremble Pilates studio,and Amped Fitness gymnasium .
