Last Mile Investments Acquires Pennock Square in Jupiter for $18.5 Million
Last Mile Investments, led by Ryan Moore, David Birdsall, and Todd Pleiman, has purchased Pennock Square in Jupiter from Elion Partners for $18.5 million.
Last Mile Investments, a real estate investment firm specializing in last-mile logistics properties, has acquired Pennock Square, a retail property located at 901 West Indiantown Road in Jupiter, Florida, for $18.5 million. The property was sold by Elion Partners, a real estate investment firm based in Miami.
Pennock Square is a well-positioned retail asset in the heart of Jupiter, a growing city in Palm Beach County. The property spans 42,995 square feet and sits on 4 acres of land. It is strategically located on West Indiantown Road, a major thoroughfare with high traffic volume and excellent visibility.
The sale price of 18.5 million translates to approximately 430 per square foot, reflecting the strong demand for retail properties in the area. Additionally, the price equates to $4,625,000 per acre, highlighting the value of the land.
Last Mile Investments, led by Ryan Moore, David Birdsall, and Todd Pleiman, recognized the potential of Pennock Square as a prime retail investment opportunity. The firm focuses on acquiring properties that cater to the growing demand for last-mile logistics, which has been accelerated by the rise of e-commerce. With its strategic location and strong demographics, Pennock Square is well-suited for this purpose.
The transaction was facilitated by Kirk Olson and Drew Kristol of Marcus & Millichap, a leading commercial real estate brokerage firm. Olson and Kristol represented both the buyer and the seller in the deal, showcasing their expertise in retail property transactions.
Ryan Moore, Managing Partner at Last Mile Investments, expressed his excitement about the acquisition, stating, “Pennock Square is an exceptional asset in a highly desirable location. We believe in the long-term potential of the Jupiter market and look forward to maximizing the value of this property.”
Elion Partners, the seller of Pennock Square, is a prominent real estate investment firm with a diverse portfolio of properties across the United States. The company focuses on value-add and opportunistic investments, and the sale of Pennock Square aligns with its investment strategy.
In conclusion, Last Mile Investments’ acquisition of Pennock Square in Jupiter for $18.5 million demonstrates the strong demand for retail properties in the area. The property’s strategic location, along with the expertise of the buyer and the brokers involved, positions it as a valuable asset in the growing market of last-mile logistics.