The Miami-based Orion Real Estate Group announced the $52.75 million sale of The Shoppes at Jupiter in Jupiter, Florida.
The 197,000-square-foot shopping center, located at the intersection of Indiantown Road and U.S. Highway 1, traded in an off-market transaction to Palm Beach Gardens-based Ram Realty Advisors.
Orion acquired the property in 2015 for $27.8 million, nearly doubling their return on investment.
“This transaction demonstrates Orion’s ability to acquire, improve, and monetize retail assets in high-demand markets,” said Chris Sanz, president of Orion Real Estate Group in a press release. “Over the past decade, we were able to add significant value to The Shoppes at Jupiter, and the recent addition of Whole Foods Market as a new anchor underscores the continued strength of this location. We are proud to have played a role in the property’s success and in Jupiter’s ongoing growth as one of South Florida’s premier retail corridors.”
The massive shopping center was built in 1981 and renovated a year before Orion’s purchase, in 2014. Under Orion’s ownership, “a comprehensive repositioning strategy” was put into place, including capital improvements, tenant retention and lease enhancements that strengthened long-term asset value, according to a press release.
The property was anchored by Cinépolis Luxury Cinemas, Palm Beach Sports Club Gym, Staples, and Bealls. Whole Foods Market will be joining as a new anchor tenant, a move that will surely only further strengthen the center’s performance.
More than 80,000 residents live within a five-mile radius of the highly visible complex, Orion has said. The center’s mix of national brands, dining options, and service providers has made it a cornerstone of the Jupiter retail market.
Noah Jones and Dan Lynch from Atlantic Retail helped facilitate the transaction.
Orion Real Estate Group, founded in 1978, provides commercial real estate services to investment clients around worldwide. The company has been involved in more than $8.5 billion in transactions and holds a portfolio exceeding $1.5 billion.
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