Pebb sells West Palm Tesla dealership for $13M

Pebb Enterprises sold a 23,000-square-foot Tesla dealership in West Palm Beach, which it developed itself.

The Boca Raton-based real estate investment sold the Tesla Service Plus for $12.87 million, according to a company release. The property at 5544 Okeechobee Boulevard was built in 1986 and sits on 3.62 acres. Pebb bought the site for $5 million in 2017.

The sale was slightly less than the $13 million asking.

The buyer was an affiliate of property manager Hanson & Hanson Builders of Castro Valley, California.

Putnam Daily of Preserve West Capital represented Pebb in the sale. Newmark Cornish & Carey represented the buyer.

Pebb developed the site as part of a partnership that included Tesla sites in Minnesota, North Carolina and Pennsylvania, according to the release. Florida represents the second largest share of new Tesla sales nationwide, according to a listing for the property.

Pebb is also involved in a planned grocery-anchored Boynton Beach mixed-use project that received a $27 million construction loan in April. And earlier this year, it partnered with another company to buy one of Jupiter’s largest office properties for $31 million.

The Tesla dealership isn’t the only car dealer to sell in South Florida in recent months despite the Covid-caused sales slowdowns. In September, the family office of two Maryland billionaires paid $90.5 million for car dealerships in Margate, Tamarac and West Palm Beach that were owned by Arrigo Automotive Group.

A used car dealership called Off Lease Only also sold its Fort Lauderdale and West Palm Beach locations in a $50 million deal last month. And in July, a New Jersey auto dealer paid $21 million for the properties housing Honda of Aventura and Aventura Chrysler Jeep Dodge Ram dealerships in North Miami Beach.