Ram Realty Pays $53M for South Florida Shopping Center
Whole Foods Market is joining the property’s tenant roster.
Ram Realty Advisors has purchased a 197,000-square-foot retail center in Jupiter Fla., from Orion Real Estate Group. The Shoppes at Jupiter sold for $52.8 million in an off-market transaction.
Atlantic Retail partners Noah Jones and Dan Lynch brokered the sale.
Ram landed a lease with Whole Foods Market to serve as the center’s primary anchor and plans to attract other national retailers to the property. Other prominent tenants include Cinépolis Luxury Cinemas, Staples and Bealls. The shopping center also includes dining outlets such as McDonald’s, Kilwins and Chili’s.
LISTEN TO: Rocking Neighborhood Retail
The Shoppes at Jupiter was built in 1981 and renovated in 2014. Orion Real Estate Group purchased the property for $27.8 million in 2015. The property is located at the intersection of Indiantown Road and U.S. Highway 1, with 80,000 residents living within a 5-mile radius.
Ram Realty Advisors now owns about 800,000 square feet of grocery-anchored retail real estate across eight assets, with additional acquisitions planned for the future.
Palm Beach County’s retail space shortage
Retail space in Palm Beach County had an availability rate of 4.7 percent in the second quarter of this year, according to a Cushman & Wakefield report, indicating a shortage of retail space in the area. The area’s vacancy rate hit 4.0 percent in the second quarter, a 60-basis-point increase year-over-year, but still 30 basis points below the national average.
In January, New Jersey-based Garden Commercial purchased the 83,800-square-foot Plaza Del Mar retail property in Manalapan, Fla., which is anchored by a Publix grocery store. Another notable purchase in the county this year was Starwood Real Estate Income Trust’s acquisition of Marketplace at the Outlets, a 304,000-square-foot asset in West Palm Beach, Fla.
The area has had about 140,000 square feet of new retail projects break ground so far this year, with a total of 353,000 square feet under construction, according to Cushman & Wakefield.
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