JB Capital Management LLC has purchased Fresh Market Village in Jupiter for $25.5 million. The 55,046-square-foot property at 311 E. Indiantown Road sits near the Intracoastal Waterway, offering a mix of neighborhood restaurants and high-end retail stores.
“With 97% occupancy, an excellent location and only a handful of value-add capital improvements needed, Fresh Market Village fits our investment strategy of buying and holding high-quality properties in locations where we believe the market has strong fundamentals,” Jessica Giguere says, a co-founder of JB Capital Management, along with Ben Karp. “This is just the beginning for us. We have some exciting opportunities in the works in both the southeast and northeast.”
The center was constructed in 1989 and updated in 2014 when Fresh Market, a specialty grocery retailer, opened. The highlighted tenants include 2 Vinez Restaurant & Wine Bar, Starbucks, Casa Mia, and women’s clothing boutique Gretchen Scott Designs.
“Jupiter is quickly becoming one of the most desirable cities along the South Florida coast to live, and it was important to us to have a presence in the market,” Karp says. “We were attracted to the neighborhood feel of the center, a place that brings people together to shop, enjoy a good meal, and relax. We have two small vacancies, and we are working on leasing up those spaces with some unique tenants. Our main goal is to continue to add to the community here in Jupiter and make this a desirable place to spend time.”
Giguere and Karp have developed an extensive property portfolio across South Florida and the northeast U.S., including owning and operating an industrial property in Lake Worth.
“We are deploying capital into projects that produce good yield and long-term appreciation,” Karp says. “We are very selective in what we choose to purchase. Each deal must meet our investment criteria and a thorough business plan is created for each acquisition. Our investors are counting on us to produce outsized returns and good cash flow and therefore we must be scrupulous in our evaluations of what to buy and develop.”