MIAMI, Aug. 28, 2015 /PRNewswire/ -- Transwestern's Southeast Investment Services Group today announces it represented LNR Partners LLC in the disposition of the Shoppes at Jupiter in Jupiter, Florida. Orion Venture XI Jupiter LLC acquired the 196,941-square-foot property for $27.8 million. John F. Bell, Transwestern managing director, advised the seller in the transaction.
"This premier center attracted intense investor interest with more than 400 requests for marketing materials," said Bell, who further added, "LNR's strategic repositioning of the asset through renovations and solidifying the tenant roster created material value, and garnered maximum investor interest." John Mitchell, senior vice president of LNR Partners, LLC, orchestrated the asset positioning and supervised the sale for the seller.
The buyer is Orion Venture XI Jupiter, LLC, based in South Florida. Orion's managing principals currently have completed more than $2.5 billion in transactions and have a current portfolio exceeding $500 million.
Located at 201 N. U.S. Highway 1, the asset was built in 1981 and renovated in 2014. Currently 94 percent leased, the Shoppes at Jupiter anchor tenants include Cinepolis, Gold's Gym International Inc., Staples Inc. and Bealls.
According to Bell, head of the Florida Capital Markets team for Transwestern, "The seller repositioned the property by investing in renovations that added material value and solidifying the tenant roster to achieve maximum investor interest."
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.