The Real Deal Miami

Investors tied to utility company buy Tequesta Fashion Mall

Tequesta strip mall sold at a slight loss from its previous sale in 2007
By Amanda Rabines | August 02, 2018 10:30AM

Tequesta Fashion Mall

UPDATED, Aug. 3, 11:30 a.m.: A group of investors tied to the utility company Ferreira Power Group just bought the Tequesta Fashion Mall for $7.1 million, property records show.

Tequesta Mall LLC, led by Kevin Kruse and Tony and Nelson Ferreira of Ferreira, paid about $190 per square foot for the 37,100-square-foot strip mall at 150 North U.S. Highway.

Jupiter-based SLO-ML, LLC, led by Michael Luetkmeyer and Stephen Oldham, sold the property at a slight loss from 11 years ago. Records show the investors paid $7.2 million for the property in 2007, at the height of the market before the real estate downturn.

Tenants at the property include an Evo Italian restaurant, Oceana Coffee, Phil’s Fitness and custom cabinetry designer Waterview Kitchens. It’s fully leased, Tony Ferreira said. The buyers plan to maintain the property and make improvements to the facade.

Tequesta, named after the Tequesta Indians, is a village in Palm Beach County that lies just south of Jupiter Island, where celebrities like Céline Dion have owned homes.

The buyers also own Captain Charlie’s Reef Grill in Juno Beach, Ferreira said.

Last year, Redfearn Capital bought a 74,639-square-foot shopping center just a block south of Tequesta Fashion Mall for $12.5 million.

An earlier version of this story incorrectly identified the square footage and price per square foot of the Tequesta Fashion Mall.