Publix is expanding its role in South Florida from supermarket tenant to commercial property owner. In October, the Lakeland-based grocer bought two Miami-Dade shopping centers anchored by its stores for a combined $107 million. The purchases add to a wider Florida strategy that gives the company greater control over its retail locations and surrounding tenants.
Key takeaways
- Publix paid $83.3 million for Airpark Plaza near Miami International Airport.
- A Publix subsidiary bought The Shoppes at Quail Roost for $23.7 million.
- Both shopping centers were fully leased when they changed hands.
- The acquisitions are part of a broader push into ownership of Publix-anchored plazas across Florida.
Two Miami-Dade centers change hands
The larger purchase was Airpark Plaza, at 5715 NW Seventh St., near Miami International Airport. Publix paid $83.3 million for the center. JLL Capital Markets described the transaction as the largest sale of a suburban Publix-anchored shopping center in Miami-Dade in nearly 20 years.
The second deal involved The Shoppes at Quail Roost, at 20201 SW 127th Ave. A Publix subsidiary paid $23.7 million for the property. Both centers were fully leased at the time of their sales, according to the report.
Why Publix is buying its locations
Owning a shopping center can give Publix more control over the environment surrounding its supermarket. The company can avoid negotiating lease renewals for its own store, influence which businesses occupy the plaza and help ensure that no competing supermarket operates in the same center.
JLL Capital Markets senior director Jorge Portela said more retailers are choosing to own their real estate. The approach can make a retailer’s long-term presence less dependent on landlord decisions, while also giving it a role in managing the property’s tenant mix.
Part of a wider Florida strategy
The Miami-Dade purchases follow other acquisitions of Publix-anchored centers around the state. Reported examples include Fountains of Boynton, purchased for about $78 million; Polo Club Shops in Boca Raton, for roughly $83 million; and Hammocks Town Center in Kendall, for approximately $71.9 million. Publix has also acquired properties in Broward County and elsewhere in Florida.
JLL’s Miami-based team recently completed four other transactions involving Publix-anchored shopping centers, totaling $242.5 million. The pattern points to a broader shift in how the grocer manages its physical footprint: alongside operating supermarkets, Publix is increasingly acquiring the plazas that house them.