The Real Deal Miami

Publix checks out: buys Margate shops for $28M

12.6-acre plaza last sold for $15 million in 2013

January 20, 2016 12:00PM
By Katherine Kallergis

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Palm Lakes Plaza

Palm Lakes Plaza

Stockbridge Capital Group has sold a Publix-anchored shopping center in Margate for $28 million, nearly double what it paid for the property in 2013.

Broward County records show an affiliate of Stockbridge on Tuesday sold the 12.6-acre development at 7210-7388 West Atlantic Boulevard. Palm Lakes Plaza, which was built in 1981, last sold for $15.1 million in 2013. Other tenants of the 113,752-square-foot center include CVS, Starbucks, Five Guys Burgers and Fries, BB&T, First Bank Florida and more.

According to LoopNet, the plaza has four spaces available for lease ranging from 1,200 square feet to 2,600 square feet.

Stockbrige, based in Atlanta, bought a Publix-anchored shopping center in Hialeah last year for $23 million. The real estate and investment management firm has about $9.8 million of assets under management as of September 2015, according to its website.

In 2015, Publix announced it would invest $1.3 billion in real estate, building new stores and technology during 2015. More recently in December, the Lakeland-based super market chain paid $45 million for the Hillsboro Square shops in Deerfield Beach. The company also picked up a number of Publix-anchored shopping centers, including the $53 million purchase of a 13-acre shopping center in Wellington; as well as a similarly sized shopping strip in Hollywood for $39 million.