The empty Gander Mountain store at Interstate 95 and Northlake Boulevard has a new landlord. Pebb Enterprises of Boca Raton said Monday that it now owns the 125,641 square feet of retail space on 13.2 prime acres.
Instead of a straight sale, Pebb Enterprises said it took title by acquiring the property’s defaulted debt and foreclosing on the underlying collateral. A certificate of title recorded Friday shows a sale price of just $2.6 million. Pebb Enterprises didn’t disclose the full price.
The Palm Beach County property appraiser’s most recent market value for the site is $11.2 million.
Eric Hochman, Pebb Enterprises’ chief development officer, said it’s unclear if Pebb Enterprises will lease the empty space as is or redevelop it.
Sporting goods retailer Gander Mountain closed the Palm Beach Gardens store in August 2017 as part of its collapse.
Add that to the closing of a Sam’s Club at I-95 and Hypoluxo Road and the demise of the Toys R Us chain, and merchants have vacated hundreds of thousands of square feet of retail space with tens of millions of dollars of taxable value in Palm Beach County alone.
While some types of retailers are struggling, others are thriving. Publix has been building stores frantically to fight off incursions by Whole Foods, Trader Joe’s, Lucky’s Market and Walmart. Discount retailers and furniture stores also have been expanding.
Those trends emboldened Pebb Enterprises to invest in a big box during a time of uncertainty for retail real estate.
“The location is superb,” Hochman said. “While there are rumblings on the retail side, there are numerous retailers that we have good relationships with that are expanding.”