Real estate firm has successfully developed and sold four locations for the innovative electric vehicle company
PEBB Enterprises, the entrepreneurial private real estate investment firm based in South Florida, completed the $13.3 million sale of a new Tesla Service Plus location in Raleigh, North Carolina. This is the firm’s fourth successful disposition of a Tesla facility and the third in the last four months.
The 38,745 square-foot facility is located on 3.46 acres at 7101 Glenwood Ave. PEBB completed a full renovation of the building in 2020. It is one of only two service centers that Tesla operates in the Carolinas.
Primarily serving central and eastern North Carolina, the Tesla Service Plus is strategically located in a robust and affluent demographic area. The location is highly sought after, with excellent visibility and access along the highly trafficked Glenwood Avenue.
The transaction closed on Jan. 14, 2021.
North Carolina-based Tesral LLC is the buyer and was represented by Chad Kurz of Matthews Real Estate Investment Services. Putnam Daily of Preserve West Capital marketed the property for sale and represented PEBB.
PEBB Enterprises acquired the site for $5.3 million in December 2018.
In December 2020, PEBB closed on its third sale of a Tesla Service Plus in Maplewood, Minnesota for $9.12 million.
PEBB has now developed and sold Tesla Service Plus locations in Florida, Minnesota, Pennsylvania and North Carolina. It is aggressively looking for opportunities to acquire sites for future development or existing Tesla facilities.
“This disposition is the culmination of a multi-year plan to acquire and develop Tesla Service Plus facilities in dense U.S. markets,” PEBB Enterprises President and CEO Ian Weiner said. “That said, our partnership with Tesla is only getting started. We look forward to upcoming opportunities to expand the relationship.”
About PEBB Enterprises: Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth on a daily basis. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.
