Ram Realty Advisors expanded its South Florida shopping center holdings with a $53 million acquisition in Jupiter.
An affiliate of Palm Beach Gardens-based Ram Realty, led by CEO Casey Cummings, acquired The Shoppes at Jupiter, a 197,000-square-foot shopping center at the intersection of Indiantown Road and U.S. 1, a press release states.
Noah Jones and Dan Lynch with Atlantic Retail brokered the off-market deal, which breaks down to $268 a square foot. The seller, an affiliate of Miami-based Orion Real Estate, led by Kevin and Christopher Sanz, paid $27.8 million for The Shoppes at Jupiter in 2015, records show.
Completed in 1981, the shopping center was renovated in 2014. Whole Foods Market recently signed a lease and will join anchor tenants Cinépolis Luxury Cinemas, Palm Beach Sports Club Gym, Staples and Beall, the release states.
Founded in 1978, Orion’s commercial real estate portfolio exceeds $1.5 billion, the release states.
Ram Realty specializes in multifamily, mixed-use and grocery-anchored retail properties in the Southeast, buying and selling real estate assets in excess of $5 billion, the firm’s website states.
Last month, Ram Realty acquired Mainstreet at Midtown, a Palm Beach Gardens shopping center anchored by The Fresh Market. Ram Realty bought the property as part of a $200 million portfolio purchase of seven shopping centers in Florida, North Carolina and South Carolina, published reports state. The transfer deed does not list the sale price for Mainstreet at Midtown.
Last year, Ram Realty sold a standalone retail building in south Miami-Dade County leased to L.A. Fitness for 15 years. The buyer, West Aventura Developers, paid $15.4 million for it. Ram Realty also developed Curv, an eight-story, mixed-use building at 410 Southeast 16th Court in Fort Lauderdale with 243 apartments and a ground-floor retail space leased to Whole Foods. In 2021, the firm sold Curv to AvalonBay Communities for $150 million.
