Miami-based Orion Real Estate Group has successfully divested The Shoppes at Jupiter, a prominent 197,000-square-foot shopping center in Jupiter, Florida, for a substantial $52.8 million. This strategic sale marks a significant return for Orion, which originally acquired the property in 2015 for $27.8 million. The transaction was facilitated by Atlantic Retail, with Ram Realty Advisors emerging as the buyer.
Key Takeaways
- Orion Real Estate Group sold The Shoppes at Jupiter for $52.8 million.
- The shopping center spans 197,000 square feet and is located in Jupiter, Florida.
- Ram Realty Advisors was the purchasing entity.
- Whole Foods Market is set to become the new primary anchor tenant.
Transaction Details and Property History
The Shoppes at Jupiter, originally constructed in 1981 and subsequently renovated in 2014, boasts a diverse tenant roster. The property’s current anchors include Cinépolis Luxury Cinemas, Palm Beach Sports Club, Staples, and Bealls. Complementing these are various other retailers and dining options such as GNC, Kilwins Chocolates & Ice Cream, The Original Brooklyn Water Bagel Co., Sal’s Italian Ristorante, McDonald’s, Chili’s, Chase Bank, and Freshii.
Orion Real Estate Group’s acquisition of the property in 2015 for $27.8 million has resulted in a significant profit following this recent sale. The involvement of Noah Jones and Dan Lynch from Atlantic Retail was crucial in navigating the complexities of this transaction. Furthermore, the buyer, Ram Realty Advisors, has proactively secured a lease agreement with Whole Foods Market, positioning the popular grocery chain as the primary anchor tenant, a move expected to enhance the center’s appeal and foot traffic.
Sources
- Orion Real Estate Sells The Shoppes at Jupiter in Florida for $52.8 Million, Shopping Center Business.