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TEQUESTA, FL-Florida-based partnership Tequesta Investors LP has acquired the 71,000-sf Village Square retail center at 281 North US 1 for $10.3 million. The new owner plans to embark on a more than $1 million renovation of the property

The center is currently 80% occupied with tenants including Blockbuster and Village Bootery. West Palm Beach-based NAI/Merin Hunter Codman, which arranged the sale on behalf of the buyer, will oversee the renovation.

Plans for the revitalization, which are still under development, are expected to include a renewed facade and roof, a landscaping beautification plan, renewed parking lot, and new signage. NAI/Merin Hunter will oversee all aspects of the project, including architectural and engineering plans, construction, leasing and property management.

The retail center is located in northern Palm Beach County across from Jupiter Island, an area known for its affluence and strong population growth. It is also located across the street from a strip center that recently opened a 39,000-sf Stein Mart.

“The US 1 corridor in northern Palm Beach County is experiencing a surge of interest by investors and retailers continuing to push northward in South Florida,” says NAI/Merin Hunter Codman managing director Bruce Corn. “By renewing Village Square, we expect to attract upscale retailers that will benefit greatly from the area’s increasingly strong demographics.”

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