PALM BEACH, FL—Jupiter Reserve, a 43,172-square-foot neighborhood shopping center in Jupiter, FL, has traded hands. Elion Real Estate Fund III, the latest fund raised and advised by Elion Partners, acquired the retail asset. Financial terms of the deal were not disclosed.
Jupiter Reserve fit with the fund's strategy to acquire stabilized assets with significant cash flow while providing an opportunity for value enhancement, according to Elion managing partner Juan DeAngulo. The deal was sourced off-market through Atlantic Retail Properties, which represented both parties in the transaction.
“The opportunity to acquire a seasoned shopping center with upside potential amid a dominant retail node made Jupiter Reserve an attractive opportunity,” says DeAngulo. “With significant barriers to entry due to the lack of developable land, Jupiter is an excellent market for these kinds of investment opportunities, and Elion allows our investors to take advantage of them quickly and efficiently.”
Located at 901 West Indiantown Road, Jupiter Reserve is in the city's major retail corridor at the intersection of Indiantown Road and Pennock Lane. The shopping center is about two and one half miles east of Interstate 95 in one of the most affluent residential communities in Palm Beach County. The shopping center taps into strong demographics and a dense population.
The four-acre Jupiter Reserve is 93.6% leased to tenants including Petco, T-Mobile, Vitamin Shoppe, Pizza Hut, Edible Arrangements, and LabCorp of America. Atlantic will handle leasing at the shopping center. Transwestern Commercial Services will manage the asset.
“This acquisition demonstrates Elion's ability to efficiently evaluate and capitalize on unique and strategic market opportunities," says Thomas Godino, Jr., a partner at Atlantic. The deal marks Elion's third transaction through its third fund after closing on investments earlier this year in Washington D.C. and Boston.
The transaction is also Elion's second acquisition in Jupiter. The firm also purchased Fisherman's Wharf, a 55,128-square-foot neighborhood shopping center located one and a half miles from Jupiter Reserve at 287 East Indiantown Road. Elion acquired that retail center in August 2013. It is 94.5% leased to national retailers including The Fresh Market, Starbuck's, The Mattress Firm, and Boston Market.
“Elion's latest fund is quickly gaining steam with three acquisitions complete and a number of other attractive opportunities in the pipeline,” says DeAngulo. “With ready access to capital and an ability to transact quickly, Elion offers creative solutions for existing owners looking to benefit from the favorable commercial real estate market.”
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