BPS Pays $39M For Publix-Anchored Shopping Center in Jupiter

BPS Partners dropped $39 million for a Publix-anchored shopping center in Jupiter.

An affiliate of Palm Beach Gardens-based BPS acquired Bluff Square Shoppes at 4040 South US Highway 1, according to records and Vizzda. The deal works out to $287 per square foot for the 135,974-square-foot retail property. 

The seller, an affiliate of West Palm Beach-based Sterling Organization, paid $25.9 million for Bluff Square Shoppes in 2019, records show. Sitting on a 14.7-acre site, the shopping center was completed in 1986. 

Other tenants at Bluff Square Shoppes include Walgreens, Locals Surf Shop, TooJay’s Deli, CrossFit Sea Dog, and Grind Juice Co. As of May, the shopping center had four spaces available for lease, totaling about 9,000 square feet, according to a brochure posted on Loopnet. 

Between 2021 and last year, grocery store-anchored shopping centers were in hot demand, especially sites featuring Publix stores. In 2021, Horizon Properties of Miami paid $33 million for a Publix-anchored retail plaza in Hialeah, and New York-based Barberry Rose Management bought Boynton Beach’s Quantum Village, also anchored by a Publix store, for $16.5 million. 

Publix also jumped into the buying frenzy. Last year, the Lakeland-based grocer paid $56.5 million for a West Palm Beach shopping center anchored by one of its stores. 

Shopping center deals in South Florida cooled off in the latter part of last year. BPS’ purchase of Bluff Square Shoppes marks one of the first commercial sales involving a grocery store-anchored retail site this year. 

BPS Partners is a family-owned real estate investment firm led by CEO Robert Mannheimer. The company owns 11 commercial properties in Florida and New York, according to its website. 

In Miami-Dade County, BPS owns a 29,953-square-foot warehouse acquired for $4.4 million in 2021, records show. The firm also owns two office buildings In West Palm Beach and Palm Beach Gardens, according to BPS’ website.