Phillips Edison & Company bought a pair of Publix-anchored shopping centers for a combined $32 million.
The real estate investment trust scooped up the Shops at Sunset Lakes at 18401-18499 Miramar Parkway in Miramar, and the Town Center Shops at Jensen Beach at 4163 Northwest Federal Highway, according to a news release from the seller’s broker. PGIM Real Estate sold both properties.
Danny Finkle and Eric Williams of JLL represented the seller.
The 70,300-square-foot Shops at Sunset Lakes was completed in 1999 and spans 8.3 acres, property records show. Tenants at the nearly fully leased plaza include Goodwill, State Farm Insurance, Sedation Dental Spa of South Florida, Small World Montessori School and Sushi Saki, the release says.
Town Center Shops at Jensen spans 110,000 square feet on 14 acres, and was built in 2000, according to records and the release. The property is 83.5 percent leased with tenants including Orangetheory Fitness, Party City, Parents’ Choice Preschool and Coastal Animal Hospital. It also includes a Culver’s restaurant in an outparcel.
Phillips Edison, based in Cincinnati, Ohio, is a shopping center owner and manager with a portfolio spanning 291 properties nationwide as of December, according to the company’s filing this month to the Securities and Exchange Commission. Last year, it expanded its portfolio with $282 million worth of retail purchases. The REIT is led by co-founder Jeffrey Edison.
In 2020, Phillips Edison sold a West Palm Beach shopping center at 4075 North Haverhill Road for $11.7 million, after paying $10.3 million for the property in 2016, according to records.
PGIM, based in Newark, New Jersey, is the asset management arm of Prudential Financial. Led by CEO Eric Adler, PGIM is a frequent South Florida real estate investor. In November, it paid $61.5 million for the Publix-anchored Monarch Town Center at 12503-12681 Miramar Parkway, in Miramar.
Over the past couple of years, the retail market has suffered a hit largely because of e-commerce growth. But in South Florida, investment appetite for grocery-anchored shopping plazas has remained strong.
Near North Miami, RK Centers paid $38 million in October for the Aldi-anchored plaza at 10790 Biscayne Boulevard and 1290 Northeast 108th Street.