Publix just closed on the purchase of a new West Miami location for $23.2 million, according to data from Real Capital Analytics.
Orlando-based Brandon Partners sold the three-story building at 1500 Southwest 57th Avenue to the Lakeland-based grocer, partner Steve Brandon confirmed. The deal, which has not yet cleared public records, was first reported by the South Florida Business Journal.
The 110,905-square-foot building was completed last year and includes parking on the second and third floors and a 41,000-square-foot Publix. It sold for $210 per square foot for the entire building, and about $565 per square foot for the grocery store.
Imperial Orion LLC, an affiliate of Brandon Partners, paid $4.6 million for the 1.9-acre property in 2013. The commercial real estate firm built the store to sell it to Publix, a deal that closed on Wednesday. No brokers were involved in the deal, Brandon said.
West Miami, a 0.7-square-mile city west of Coral Gables and east of Westchester, recorded its biggest deal ever last year when a new apartment complex sold for $57.4 million. Chicago-based Waterton bought Soleste West Gables, a 206-unit complex at 2101 Ludlam Road, in September for about $279,000 from Estate Investments Group, Fortune Capital Partners and Mattoni Group. The developers have more multifamily projects in the works, and expect to more than double West Miami’s property values by 2019.
A CVS-leased building at 2393 Southwest 67th Avenue, also in West Miami, traded hands in July for $12.5 million.
Publix has been acquiring more of its stores over the last few years. Earlier this month, a joint venture between grocer and Echo Realty paid $29.6 million for Pompano Plaza, a Publix-anchored shopping center in Pompano Beach.
TRD Researcher Harunobu Coryne contributed to this report.