Jupiter Reserve Shopping Center Acquired by Elion Partners’ New Fund
- Jun 30, 2014
Jupiter Reserve has recently been acquired by Elion Real Estate Fund III LP. The 43,172-square-foot neighborhood shopping center is located at 901 West Indiantown Road, Palm Beach County, at the corner of Pennock Lane.
The buyer is the latest fund raised and advised by Elion Partners, a real estate investment firm acquiring and developing a wide range of properties in strategic locations and providing real estate equity for developers and operators throughout the United States. The company has interest in a variety of asset types including industrial, office, retail, multifamily and mixed-use properties alike.
The transaction was sourced off-market through Atlantic Retail Properties, who represented both parties in the transaction. Atlantic Retail Properties was also assigned to market the property in the future and the center will be managed by Transwestern Commercial Services. According to a written announcement recently released by Elion, this is the firm’s second acquisition in Jupiter as it has acquired the nearby Fisherman’s Wharf plaza, and also its third transaction through this new fund as it has closed on two investments earlier this year in Washington D.C. and Boston, MA. Juan DeAngulo, Managing Partner at Elion considers the facility a fit with the Fund’s strategy to acquire stabilized assets with significant cash flow while providing an opportunity for value enhancement.
“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,” he says.
Situated along the area’s major retail corridor, the four-acre property is around 2,5 miles east of Interstate 95. Jupiter Reserve is 93.6 percent leased with companies like Petco, T-Mobile, Vitamin Shoppe, Pizza Hut, Edible Arrangements and LabCorp of America on its list of tenants.
Image courtesy of Elion Partners