U.S. Pebb Capital nabs five properties along Atlantic Avenue for $40 mln

Pebb Capital, a U.S. real estate and private equity investment firm, has bought five properties along a historic portion of Atlantic Avenue, New York from investment firm Marshall Florida Holdings.

Pebb Capital paid nearly $40 million to acquire the assets, totaling 6.7 acres, which it plans to build a mixed-use project, formerly known as Midtown Delray, and now renamed Sundy Village.

Expected to cost over $100 million, the project will include nearly 50,000 square feet of retail and restaurant space and about 70,000 square feet (ft²) of office space. More so, construction will start within a year.

As part of the deal, Pebb Capital also acquired Sundy House, a historic property, that includes a restaurant, boutique inn and tropical garden, six historic homes and land that has been approved for 100,000 ft² of residential units or hotel space.