Publix Super Markets has continued its strategy of buying shopping centers where it serves as the anchor tenant, with the recent purchase of two shopping centers in Davie, Florida, for a combined total of $83 million. The deals, which closed simultaneously, give the Lakeland-based grocery giant greater control over its real estate and tenant selection while eliminating rent obligations.
Davie Shopping Center Purchase
In the larger of the two deals, Publix, through its affiliate Real Sub LLC, acquired the 114,207-square-foot Davie Shopping Center for $50.7 million from PRISA II Davie SC LLC, an affiliate of PGIM Real Estate and Southeast Centers. The property, located at 4591, 4599, 4601, and 4795 S. University Drive, sold for $444 per square foot, according to property data firm Vizzda.
Situated on a 12.2-acre site at the southwest corner of Griffin Road, the Davie Shopping Center was originally built in 1984 and has since undergone renovations. In addition to Publix, the shopping center’s tenants include Baptist Health Urgent Care, Starbucks, Amerant Bank, Verizon, Champion Zone Fitness, and Jet’s Pizza. Currently, only 3,591 square feet remain available for lease, according to Southeast Centers’ website.