Publix Acquires Two Shopping Centers for $83 Million, Expanding Its Florida Real Estate Portfolio

Photo byJohn Mantell

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.

Interestingly, Publix had sold the Davie Shopping Center for $11.15 million in 2003, but 21 years later, it has now bought it back.

Regency Square Acquisition

Simultaneously, Publix purchased Regency Square, a 106,143-square-foot shopping center located at 4997 and 4801 S.W. 148th Ave., for $32.3 million from Regency Square at Broward Joint Venture, another affiliate of PGIM Real Estate and Southeast Centers. The price equated to $304 per square foot, according to Vizzda.

Developed in 1991 and 1997 on a 14.45-acre site just south of Griffin Road, this is the first time Regency Square has sold. In addition to Publix, other tenants include a gas station, Shimuja Ramen, TT Nails, Cubico Coffee, Primo Liquors, and Sobol Veterinary Hospital.

Publix’s Real Estate Strategy

This latest acquisition aligns with Publix’s ongoing strategy of purchasing shopping centers where it is already the anchor tenant. By owning the properties, Publix not only gains more control over tenant selection but also eliminates the need to pay rent. This follows similar purchases by Publix across Florida, reflecting its continued expansion and influence in the state’s commercial real estate market.

With these recent purchases, Publix solidifies its position as both a leading grocery chain and a significant player in Florida’s real estate industry.