South Florida Retail Center Commands $39M

Bluffs Square Shoppes. Image courtesy of Sterling Organization

BPS Partners FL LLC has acquired Bluffs Square Shoppes, a 123,917-square-foot shopping center in Jupiter, Fla., for $39.1 million. JLL represented the seller in the transaction, Sterling Organization. The asset was 98 percent leased when the deal closed.

The retail center last traded in 2019, when Sterling Organization, through one if its fully discretionary investment funds, acquired it for almost $26 million from Regency Centers in an off-market transaction.

Bluffs Square Shoppes came online in 1986, on a 14.7-acre site, with Publix as current anchor. Other tenants include Walgreens, Locals Surf Shop, TooJay’s Deli, CrossFit Sea Dog and Grind Juice Co. Located at 4050 US Highway 1, the retail center is adjacent to Ocean Cay Park and the Juno Beach Pier.

The area’s demographics are favorable, with an average household income of more than $150,000 within a 3-mile radius as of 2019, according to Sterling Organization. The center is situated in a submarket with a stable cash flow and has strong redevelopment capacity, said Jorge Portela in prepared remarks.

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 worked on behalf of the seller in the transaction.