Orion Real Estate Group Sells The Shoppes At Jupiter For $52.75 Million In Off-Market Transaction
Orion acquired the property in 2015 for $27.8 million.
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Orion acquired the property in 2015 for $27.8 million.
Plans call for 75,080 square feet across two buildings.
Marcus & Millichap’s Drew Kristol and Kirk Olson represented the seller, a local South Florida investor, in the transaction.
“This was a quick listing and closing cycle, which demonstrates the strong demand for this type of high-barrier-to-entry product,” said Everett. “We were able to generate significant buyer interest and close the deal in two months, which reflects the continued strength of the South Florida industrial market.”
Approximately 75 employees report to the South Florida headquarters.
Construction of the 134,000-square-foot store is underway, with a projected opening in 2026.
The buyer plans to remove the Marriott franchise and convert the property to student housing supporting Florida Atlantic University.
Michael Alaoui, senior director investments in Marcus & Millichap’s Miami office, represented the seller and procured the buyer in an all-cash transaction.
The 12-story development will feature luxury studios, one-, and two-bedroom apartments along with 12,500 square feet of ground-floor retail.
CBRE’s Calum Weaver and Perry Synanidis represented the seller, IMC Equity Group, in the transaction.
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