A Publix-anchored shopping center sold for $11.65 million in West Palm Beach, reflecting heightened investor demand for retail stores anchored by the grocery giant.
Paradise Place Station LLC, tied to Cincinnati, Ohio-based Phillips Edison & Company, sold the 74,495-square-foot property at 4075 North Haverhill Road for $156 per square foot, records show. CC Paradise Place, tied to Collett Capital of Charlotte, North Carolina, purchased the property.
The shopping center, known as Paradise Place, last sold for $10.2 million, records show. It was built in 2003. Other tenants include Dunkin’ and Goodwill.
The retail property spans 8.2 acres.
Over the past few years, Publix has been buying retail centers to become its own landlord. Last August, real estate developer James Batmasian bought a Publix-anchored shopping center in Boca Raton for $16 million.
The buyer of the West Palm shopping center, Collett Capital, focuses on acquiring undervalued shopping centers in the Southeast, Southwest and the Midwest. Since its inception in 2015, it has invested in over $225 million worth of real estate, according to its website.
Retail still remains strong in South Florida despite its struggles nationally. In the fourth quarter of 2019, vacancy rates in Palm Beach County held steady at 4.5 percent while rental rates rose to $22.56 per square foot, a 1.2 percent increase quarter-over-quarter, according to a recent report by Colliers International South Florida.