PEBB Enterprises, in partnership with Contrarian Capital Management, completed the $16.8 million sale of Pinnacle Village Shopping Center in Overland Park, Kansas. Cherry Hill Properties of Lawrence, Kansas is the buyer.
The transaction closed on Aug. 2. PEBB and Contrarian acquired Pinnacle Village in May 2018 and enhanced the 12040 Blue Valley Parkway center through leasing activity and property improvements.
Pinnacle Village is a 108,729-square-foot center on 15.44 acres prominently situated at the major retail intersection of Blue Valley Parkway and 119th Street. It is 90% occupied, with DSW and Michaels as anchor tenants. Super Target and Lukas Liquor Superstore are shadow anchors.
Inline tenants at Pinnacle Village include Firehouse Subs, Goldfish Swim School and First Watch Restaurant.
PEBB and Contrarian previously sold a Pinnacle Village outparcel leased to Tires Plus for $2.22 million in August 2020. That transaction followed the May 2020 sale of a separate outparcel for $1.72 million.
“This disposition is a continuation of our strategy to prioritize investment and development opportunities in Florida – with a particular emphasis on our home base of South Florida,” PEBB President and CEO Ian Weiner said. “We are confident the new owner, locally based Cherry Hill Properties, will build on the momentum our joint venture created.”
Evan Halkias and Jeffrey Benz of Cushman & Wakefield Retail Investment Advisors represented the sellers in the Pinnacle Village transaction.
On July 5, PEBB and Contrarian closed on the $29.85 million acquisition of the Meridian Office Center in Boca Raton, Florida.
About PEBB Enterprises: Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth daily. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada, New York and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.
About Contrarian Capital Management:
Contrarian Capital Management (“CCM”) is an institutional investment manager formed in 1995. Its real estate strategy strives to achieve attractive risk-adjusted returns with real estate equity and debt investment opportunities spanning all U.S. property sectors. The real estate team looks to pursue mid-sized distressed and opportunistic opportunities generally overlooked by larger institutional investors. Contrarian’s ability to underwrite, diligence and close transactions quickly, combined with a strong industry reputation for integrity, makes the firm a preferred counterparty for sellers and joint venture partners that require certainty of execution. For more information visit http://contrariancapital.com.