The Real Deal Miami

Joint venture picks up Jupiter retail center for $26M

New Jersey company sold retail center after 11 years of ownership

January 04, 2016 10:30AM
By Sean Stewart-Muniz

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The shopping center at 131 North Alternate A1A

The shopping center at 131 North Alternate A1A

Blackstone Real Estate Partners and DDR Corp. rang in the new year with this purchase: the joint venture just paid $26.4 million for a fully leased Jupiter retail center.

The Concourse Village shops, at 131 North Alternate A1A, measures 132,970 square feet and was built in 1983. It’s anchored by three major tenants — T.J. Maxx, Ross and Shoe Carnival.

It was sold by an affiliate of the Morris Companies, based in New Jersey. According to Palm Beach County records, the real estate firm paid about $18.36 million for the center in 2004. That price equates to $138 per square foot.

After 11 years of holding the property, Morris sold Concourse Village for just less than $200 a square foot.

Blackstone and DDR financed their purchase with a loan issued by Deutsche Bank Trust Company Americas, which acted as a trustee for the holders of commercial mortgage pass-through certificates.

DDR is a public company that owns and manages 378 retail properties throughout the United States and Puerto Rico, according to the firm’s website. Its partner, Blackstone, is one of the world’s largest real estate investment companies.