Orion picks up Jupiter shops for $28M

The Shoppes at Jupiter
The Shoppes at Jupiter (Click to enlarge)

The Shoppes at Jupiter has sold for $27.8 million, Transwestern announced on Thursday.

Orion Venture XI Jupiter LLC acquired the 196,941-square-foot property. John F. Bell, Transwestern managing director, advised the seller, LNR Partners LLC, while John Mitchel, senior vice president of LNR, arranged the sale. 

The shopping center, at 201 North U.S. Highway 1, was developed in 1981 and renovated last year, according to a press release. Anchor tenants include Cinépolis, Gold’s Gym International, Staples and Bealls. The 24.15-acre Jupiter property is 94 percent leased.

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“This premier center attracted intense investor interest with more than 400 requests for marketing materials,” Bell said in the release. “LNR’s strategic repositioning of the asset through renovations and solidifying the tenant roster created material value, and garnered maximum investor interest.”

LNR acquired the property in August 2013, according to Palm Beach County property records.

Miami-based Orion is a commercial real estate services firm with more than $2 billion in transactions and a $400 million portfolio, according to its website.