$39.05M sale of Publix-anchored shopping center in Palm Beach County closes

MIAMI, July 13, 2023 – JLL Capital Markets announced today that it 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.

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.

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.

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.

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.

“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.”

“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.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Sterling Organization is a vertically integrated, private equity real estate firm whose national platform is focused on investing in retail, LAST HOUR® consumer fulfillment and distribution real estate assets across the risk spectrum in major markets within the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. With offices across the nation, Sterling Organization is headquartered in West Palm Beach, FL., and together with its affiliates, owns and manages 72 properties across the U.S. with more than 12 million square feet of primarily retail real estate worth approximately $2 billion in value.

BPS Partners FL LLC is a local family office that invests primarily in commercial real estate. With offices in Palm Beach Gardens, Florida the firm owns, manages, and operates properties throughout New York and South Florida. BPS Partners benefits from a multi-generational management team with strong family values and extensive experience in the construction and real estate industry.