John Criddle and Joseph Freitas were Named Exclusive Leasing Advisors for ±70,000 Square Feet of Office Space at the New Mixed-Use Development in Downtown Delray Beach
DELRAY BEACH, FL, March 20, 2020 — Cushman & Wakefield’s John Criddle and Joseph Freitas were named exclusive leasing advisors for ±70,000 square feet of office space in Pebb Capital’s new Sundy Village, a transformative, mixed-use development in Palm Beach County.
Sundy Village is a ±7.0-acre project to be developed in the area surrounding the Sundy House, the oldest house in Delray Beach and current site of a restaurant, boutique inn and botanical garden. The land previously housed the city’s first church, schoolhouse and bank. Portions of the site are listed on the National Register of Historic Places and will be preserved during the development process.
Sundy Village is expected to encompass ±50,000 square feet of dining and retail as well as ±70,000 square feet of Class A office space spread across four buildings. Initial office rental rates are expected to range from $45-$50 NNN.
Located at 20 W. Atlantic Ave., Sundy Village is conveniently situated in downtown Delray Beach and will serve as the premier entrance to the dynamic live-work-play Atlantic Avenue corridor, home to an exceptional array of high-end restaurants, hotels, retail and entertainment options, and within walking distance of the city’s historic and scenic neighborhoods.
“The office space at Sundy Village will accommodate a wide range of tenants in state-of-the-art, energy-efficient buildings offering a unique mix of traditional architecture and modern design with underground parking,” said Criddle. “The asset will be the most unique and exciting fully-amenitized Class A office project in the Atlantic Avenue district.”
Added Freitas, “Sundy Village’s location sets it apart from the rest of its competitors in the market. The project is less than one mile from Interstate 95, offering tenants the city’s best access to the interstate while remaining within walking distance of all that burgeoning downtown Delray Beach has to offer.”
“With leasing positioned to be underway, we’re one step closer to realizing our goal of bringing positive economic impact to this Opportunity Zone asset,” said Todd Rosenberg, co-founder and Managing Principal of Pebb Capital. “Our Class A office product, primely situated at the gateway of downtown Delray Beach, will not only foster connectivity, but provide tenants access to a lifestyle retail experience that is very unique to the area.”
Pebb Capital will break ground on Sundy Village this summer. The entire project will be completed in phases, with the final phase expected to be delivered in 2024. Pebb Capital acquired the distressed property for $40 million in October 2019.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Pebb Capital
Founded in 2014, Pebb Capital is a diversified, multi-strategy real estate and private equity investment firm. The firm invests across the capital stack and focuses on value-oriented and cyclically-defensive investments that generate attractive risk-adjusted returns. Since its inception, the firm has amassed a portfolio exceeding $1 billion of investment value across multiple ventures, including in student housing, retail, lending, hospitality, and more. For further information, visit www.pebbcap.com.