The Real Deal Miami

Publix pays $24.45M for Coral Springs retail center it anchors

The seller, AEW Capital Management, got more than double the last price for Lakeview Center
December 30, 2017 09:00AM

Lakeview Center at 1300 and 1478 Coral Ridge Drive in Coral Springs (Credit: South Florida Business Journal)

Publix Super Markets paid $24.45 million for a shopping center in Coral Springs where the supermarket operator is the anchor tenant.

Publix paid $305 per square foot for Lakeview Center, an 83,288-square-foot shopping center at 1300 and 1478 Coral Ridge Drive.

The seller is Lakeview Shopping Center LLC, an affiliate of AEW Capital Management in Boston.

The last time it was sold, the Coral Springs shopping center traded in 2000 for $11.55 million, less than half the price Publix paid.

Lakeview Center was built on a 9.9-acre site in 1996. Together with Publix, the shopping center’s tenants include AT&T Store, Hair Cuttery, Joe’s Pizza & Pasta, Subway and UPS Store.

Buying shopping centers that it anchors has been an important element of Publix’s real estate strategy, according to the Tampa Bay Business Journal. [South Florida Business Journal] — Mike Seemuth