Elion Partners has announced renovations are underway at the
former Jupiter Reserve, located on Indiantown Road at Pennock Lane in Palm Beach County. The 43,172-square-foot neighborhood shopping center will also change its name to Pennock Square, paying tribute to the prominent road in Jupiter.
With its new, upscale brand image, a variety of new shops and restaurants will be added to the existing tenant mix.
Plans for modernizing Pennock Square include cosmetic enhancements to create a contemporary look, new signage, walkway improvements, parking lot upgrades and a new landscaping package. “We’re already seeing interest from retailers who want a location in a market that will allow them to service customers in both eastern and western Jupiter,” said Elizabeth Wright, broker, Atlantic Retail Properties.
“More than 42,500 cars travel past the shopping center daily. It is centrally located within a short drive of some of the most affluent residential neighborhoods in the country.”
“Elion Partners was successful at renovating and attracting national brands to The Fresh Market Village located east of Pennock Square on Indiantown Road,” said Gloria Fernandez, Managing Director of Asset Management, Elion Partners.
“We see a similar opportunity to upgrade this center into a popular shopping destination for residents from the affluent Jupiter and Northern Palm Beach areas, and upscale communities close by including Loxahatchee Club, Jonathan’s Landing and Admiral’s Cove.”
“We value the investment that Elion Partners has made in the Town of Jupiter over the past years,” said Mayor Todd Wodraska. “Jupiter Reserve has been a fixture here for a long time and is ready for this
As Pennock Square with exciting improvements and upgrades, it will offer the kind of shopping that is important to our community.”
The renovation is underway with completion scheduled in the summer of 2017.
Elion Partners is a real estate investment firm focused on acquiring and developing quality commercial properties in strategic locations and providing real estate equity for developers and operators throughout the United States. The company has interest in a variety of asset types including industrial, office, retail, multifamily and mixed-use properties.