The Real Deal Miami

Publix pays $10M for building it anchors near West Palm

Price breaks down to roughly $220 per square foot

May 05, 2016 03:00PM
By Sean Stewart-Muniz

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5280 Okeechobee Boulevard

5280 Okeechobee Boulevard

Publix Super Markets just closed its $10.65 million purchase of a building it anchors near West Palm Beach, continuing a year-long $1.3 billion campaign to buy and upgrade retail properties in the Southeast.

The grocery giant’s purchase includes a single-tenant commercial building that Publix occupies at 6820 Okeechobee Boulevard in unincorporated Palm Beach County. Measuring 48,297 square feet, the property’s sale price breaks down to about $220 per square foot.

The building is one piece of a larger retail plaza that houses Home Depot, two bank branches and three chain eateries, most of which are on separate parcels.

A limited liability company called AJR FLA was the seller. Corporate records show its principals are Alan and Reda Riley, who paid $9.215 million for the Publix building in 2006.

Early last year, Publix Super Markets announced it was launching a $1.3 billion campaign to buy out its landlords, build new stores and upgrade its technologies.

That initiative led to some big-ticket deals last year, including the $53 million purchase of Federal Realty Investment Trust’s shopping strip in Wellington last November.