JLL Capital Markets arranges $39 million sale of the 123,917-square-foot, Publix-anchored Bluffs Square Shoppes in Jupiter, FL

 

Kim Flores

MIAMI, FL – JLL Capital Markets has closed the $39.05 million sale of Bluffs Square Shoppes, a 123,917-square-foot, Publix-anchored shopping center located in Jupiter, Palm Beach County, Florida.

Bluffs Square Shoppes, Jupiter, FL

Danny Finkle

JLL represented the seller, Sterling Organization, and BPS Partners FL LLC acquired the asset. Sterling originally acquired this asset utilizing one of its fully discretionary investment funds in October 2019 for $25.78 million.

The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director and co-lead of JLL’s Retail Capital Markets Group Danny Finkle, Senior Directors Jorge Portela and Eric Williams and Vice President Kim Flores.

 Jorge Portela

 “Grocery-anchored and necessity retail centers continue to be in high demand from the full spectrum of investors,” said Finkle.  “The lack of new development and tenant expansion demand are placing notable upward pressure on rental rates and property values.”

Built in 1986, Bluffs Square Shoppes is currently 98% leased to a high-quality tenant roster led by Publix and Walgreens.

Additional national and local tenants include Uncle Eddie’s, Anthony’s Women Apparel, Goodwill, UPS, Toojay’s Deli and Café Sole.

The property receives over one million annual visits, and its tenants feature a weighted average tenure of nearly 22 years.

Eric Williams 

Situated at 4050 US Highway 1, the property sits on a prime 14.53-acre infill site in a high-barrier-to-entry coastal location.

 The center enjoys high visibility location along the trade area’s primary thoroughfare, U.S. Highway 1, and is immediately across from Juno Beach Park, a major access point for the area’s beaches and Juno Beach Pier.

The property serves a captive and affluent customer base home to 108,175 residents within five miles with an average household income of $147,677.

 “Bluffs Square Shoppes offered the rare opportunity to acquire a Publix-anchored shopping center in a core Palm Beach County submarket with a stable cash flow coupled with redevelopment potential.  The asset was an ideal fit for BPS,” Portela said.

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 Jenna Sharp

JLL, Public Relations

Dallas, Texas

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Jenna.Sharp@jll.com