Publix is expanding its role in South Florida real estate, buying two Miami-Dade shopping centers anchored by its supermarkets for a combined $107 million in October. The purchases add to a wider Florida push by the Lakeland-based grocer, which is acquiring properties that give it greater control over retail space and the mix of businesses around its stores.
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 sold.
- The acquisitions are part of a broader effort by Publix to own more of the properties where its supermarkets operate.
The October purchases total $107 million and add two Miami-Dade centers to the grocer’s growing real estate portfolio.
Two Miami-Dade centers change hands
Airpark Plaza, at 5715 NW Seventh St., sold for $83.3 million. JLL Capital Markets said it was the largest sale in nearly two decades of a suburban Publix-anchored shopping center in Miami-Dade. The property is near Miami International Airport.
The second purchase was The Shoppes at Quail Roost, at 20201 SW 127th Ave. A Publix subsidiary paid $23.7 million for the center. Both properties were fully occupied at the time of their sales.
From supermarket tenant to property owner
Buying shopping centers can give Publix more control than leasing its store space. JLL Capital Markets senior director Jorge Portela said ownership can help retailers avoid lease-renewal negotiations, shape the mix of businesses in a plaza and ensure the retailer remains the center’s only supermarket.
The purchases reflect a broader trend among retailers toward owning real estate rather than relying solely on leases, according to Portela. For Publix, owning the surrounding retail property can also give the company greater say in how the locations operate.
A wider Florida buying effort
The Miami-Dade deals are part of a larger series of transactions involving Publix-anchored centers. JLL’s Miami-based team recently completed four other such sales totaling $242.5 million.
Publix has also acquired properties including Fountains of Boynton, reportedly for $78 million; Polo Club Shops in Boca Raton, for about $83 million; and Hammocks Town Center in Kendall, for roughly $71.9 million. The company has purchased additional plazas in Broward County and elsewhere in Florida.
Sources
- Publix buys Miami-Dade shopping centers, expanding holdings, Miami Herald.