Publix has spent about $107 million to buy two Miami-Dade shopping centers where its supermarkets serve as anchor tenants. The October purchases add retail properties—and rental income opportunities—to the Lakeland-based grocer’s holdings, while giving it more control over the surroundings of stores it has long occupied as a tenant.
Key takeaways
- Publix paid a record $83.3 million for Airpark Plaza near Miami International Airport.
- The company also bought The Shoppes at Quail Roost for $23.7 million.
- Both centers were fully leased when acquired, with Publix supermarkets as their anchors.
- The deals fit a broader expansion into owning grocery-anchored retail properties across Florida.
The purchases shift Publix further from tenant to landlord, adding another dimension to its business beyond selling groceries.
Two Miami-Dade shopping centers change hands
Airpark Plaza, at 5715 NW Seventh St., contains 171,443 square feet of retail space. Built in 1971 and renovated in 2005, the center also has tenants including Burlington, First Watch, Truist Bank, Subway, Wingstop, TD Bank and Burger King. It is near the Dolphin and Palmetto expressways and the Waterford Blue Lagoon business district.
JLL Capital Markets, which handled the Airpark Plaza sale, said its $83.3 million price was the largest sale in nearly two decades of a suburban Miami-Dade shopping center anchored by Publix. The second acquisition, The Shoppes at Quail Roost, is at 20201 SW 127th Ave. and has 85,055 square feet. Its tenants include a community medical center, a Chinese restaurant and a barbershop.
Why Publix is buying properties
Owning the centers can help Publix avoid lease-renewal negotiations and rent increases, while giving it greater influence over maintenance, improvements and the mix of neighboring businesses. JLL senior director Jorge Portela said retailers are increasingly choosing to own their real estate, and that Publix can invest in properties it already knows.
Publix did not respond to questions about the purchases. Earlier in the year, a company spokesperson told the Miami Herald that Publix would not discuss its real estate strategy.
A wider Florida expansion
The Miami-Dade deals appear to be part of a larger push. JLL said its Miami-based team recently completed four other transactions involving Publix-anchored centers in Florida, totaling $242.5 million. Other properties Publix has acquired or has been reported to have acquired include centers in Boynton Beach, Boca Raton and Kendall, as well as retail sites in other Florida markets.
Grocery-anchored centers attract investors because supermarkets bring steady customer traffic that can support nearby restaurants, banks, medical offices and other tenants. Publix is increasingly taking on that investor role itself, building commercial property holdings alongside its grocery business.
Sources
- Publix supermarket is buying Miami shopping plazas, Miami Herald.