If you’re a Floridian, you might’ve noticed that Publix has been on a bit of a shopping spree lately – but they’re not just stocking up on groceries. They’ve been making some serious moves in the real estate market, spending millions to buy out shopping centers where they’re already located. So, what’s the big idea behind all this? Let’s break it down.
Publix’s Recent Real Estate Moves
In just the last few years, Publix has shelled out a whopping $223 million to buy up shopping centers all over Florida. Some of their biggest purchases include The Ramblewood Square Shopping Center in Coral Springs for $59 million, the Davie Shopping Center and Regency Square at Broward for $83 million, and the Town Center at Orange Lake in Kissimmee for $16.65 million. That’s some serious investment!
So, Why Is Publix Doing This?
According to real estate expert Suzanne Hollander, an attorney who teaches real estate law at Florida International University (FIU), Publix is more than just your neighborhood grocery store – they’re basically acting like a real estate company that happens to sell groceries on the side. Hollander put it this way: “Publix is really a real estate company that sells groceries.”