Orion Venture XI Jupiter, a Miami-based company managed by Joseph A. Sanz and Barry M. Brant has acquired the Shoppes at Jupiter for $27.8 million. Located on a 24.2-acre site at 101 and 181 N. U.S. Highway 1, the 196,941 square-foot retail center was built in 1981. The center was seized in 2013 as a commercial mortgage backed securities (CMBS) trust managed by LNR Partners when they foreclosed on the $29.7 million mortgage of Holiday Jupiter LLC. At the time of the sale, the center was 94 percent leased with national tenants Gold’s Gym International Inc., Staples Inc., Bealls and movie theater Cinépolis. Transwestern’s John F. Bell represented LNR Partners in the transaction.
“This premier center attracted intense investor interest with more than 400 requests for marketing materials,” Bell said. “LNR’s strategic repositioning of the asset through renovations and solidifying the tenant roster created material value, and garnered maximum investor interest.
