Publix filled up its real estate cart with more South Florida shopping centers, paying a combined $67 million for a pair of Palm Beach retail properties anchored by its stores.
The sites are part of Publix’s recent $224 million purchase of a seven-shopping center portfolio across Florida that includes two retail properties in Davie acquired for a combined $83 million. The three other sites are in Fort Myers and Kissimmee, and the entire portfolio is 97 percent occupied, a press release states. All seven sites are anchored by Publix stores.
The Lakeland-based grocery chain paid $46 million for Woods Walk Plaza at 9855 Lake Worth Road in Lake Worth Beach, and dropped $21 million for Crestwood Square at 11935 Southern Boulevard in Royal Palm Beach, records and real estate database Vizzda show.
A JLL team led by Danny Finkle and Eric Williams represented the portfolio’s seller, a joint venture between Newark, New Jersey-based PGIM, the real estate arm of Prudential, and Boca Raton-based Southeast Centers, the release states. The previous sale prices for Woods Walk Plaza and Crestwood Square are not listed in records.
Woods Walk Plaza consists of two single-story buildings spanning 115,294 square feet on 15 acres, completed in 1992 and 2007, Vizzda states. In addition to Publix, tenants include Renal Care Centers, Brooklyn Water Bagels, Core Evolution, Subway and Supercuts.
Crestwood Square is a 79,746-square-foot single-story building on 10 acres that was built in 1997, Vizzda shows. The Publix-headlined tenant roster includes Carvel Ice Cream, Duffy’s Sports Grill and Hair Cuttery.
Publix-anchored shopping centers are attractive real estate plays even when such properties are not for sale. This week, Arlington, Virginia-based AvalonBay Communities paid $16.5 million for a multifamily development site next to another Publix-anchored shopping center in Lake Worth Beach. The real estate investment trust is planning Northlake Promenade Apartments, a seven-story building with 279 units.