PEBB Enterprises, Banyan Development Close $10.5M Lowe's Sale at Shoppes at Southern Grove in Port St. Lucie's Tradition Community

PEBB Enterprises and Banyan Development have completed the $10.5 million sale of a 134,000-square-foot Lowe's Home Improvement building — including its garden center — at Shoppes at Southern Grove in Port St. Lucie's master-planned Tradition community, the firms announced. The transaction closed June 9, with A. Duda & Sons Inc. as the buyer.

The deal works out to approximately $78.36 per square foot based on the stated sale price and building size. Patrick Wagor of Atlantic Retail represented the sellers, while Matthew Mousavi of SRS Real Estate Partners represented the buyer.

A Retail Real Estate Development Rooted in the Tradition Market

Shoppes at Southern Grove is located at the intersection of Southwest Becker Road and Southwest Village Parkway, near the high-traffic interchange of I-95 and Becker Road in Port St. Lucie. The development features a curated lineup of national retailers and quick-service restaurants across six outparcels ranging from 0.8 to 1.8 acres.

The Lowe's store opened on June 5 — just days before the sale closed — marking a notable timeline in which the asset was transacted at or near its opening. PEBB and Banyan said the sale monetizes a significant component of the development while the partnership retains ownership of the remainder of Shoppes at Southern Grove.

"This transaction demonstrates the quality of what we developed and the strength of the Tradition market," said Ian Weiner, CEO of PEBB Enterprises. "Our relationship with this community goes back to our work at Shoppes @ the Heart of Tradition, and Shoppes at Southern Grove is a natural extension of that commitment. We identified this location as a premier retail destination, and the sale of the Lowe's building confirms that commercial real estate investors recognize the same long-term value we do."

From the Heart of Tradition to Shoppes at Southern Grove

The transaction builds on a prior collaboration between PEBB Enterprises and Banyan Development at Shoppes @ the Heart of Tradition, also located within Port St. Lucie's Tradition community. That earlier project laid the groundwork for Shoppes at Southern Grove, which the partners describe as a natural extension of their commitment to the market.

"From Shoppes @ the Heart of Tradition to Shoppes at Southern Grove, our approach has been consistent: bring the right retailers to the right location and execute with discipline," said Ross Feurring, Principal of Banyan Development. "This disposition is a clear reflection of the fundamentals we believed in when we first committed to this market. The results speak for themselves, and we remain enthusiastic about the ongoing opportunity this community presents."

Real Estate Demand Backed by Population Growth

The Tradition community, an 8,300-acre master-planned development, has become a primary driver of Port St. Lucie's growth. According to the firms, the city is expanding by approximately 10,000 residents per year, placing it among the fastest-growing cities in the United States. Tradition's neighborhoods are designed to surround a central retail district, positioning Shoppes at Southern Grove to serve both the local residential base and the broader Port St. Lucie market.

The I-95 and Becker Road corridor generates significant regional traffic that the development is positioned to capture, according to the firms.

Partnership Retains Remaining Shoppes at Southern Grove Assets

Following the Lowe's building sale, PEBB Enterprises and Banyan Development said they will continue to own the remainder of the Shoppes at Southern Grove development. The firms said the transaction monetizes a significant component of the development while allowing the partnership to continue creating value across the balance of the project.

For leasing inquiries at Shoppes at Southern Grove, Atlantic Retail Principal Matthew Lynch can be reached at mlynch@atlanticretail.com or (561) 424-3019.

Sources: PEBB Enterprises press release, June 9, 2026