Publix Pays $59 Million (Over Twice The Last Purchase Price) To Buy Out FL Shopping Center Landlord

Photo byqwesy qwesy, CC BY 3.0, via Wikimedia Commons

A Coral Springs shopping center will have a new landlord. And it's a grocery store that probably will not surprise Floridians. It's no secret that in the past couple of years, Publix has tried to refurbish and freshen up some of its stores in Florida. It's even added new amenities to newer "prototype" stores, like Publix Pours and burrito bars. And now Publix is pursuing a different strategy - buying out its landlord in one Coral Springs location.

The Location In Question: The Ramblewood Square Shopping Center in Coral Springs has Publix as an anchor as well as a UPS Store, T-Mobile, Five Below, and Ross Dress For Less.

The Publix recently reopened last August after undergoing renovations. Patrons appear to be happy with this Publix, giving it 4.4 out of 5 stars, although some did note issues with wait times at the deli.

A reviewer named Justin wrote:

"It's really nice since it's been remodeled. Something about shopping in a new grocery store just makes it more pleasant. Much bigger than the last one, too."

The Purchase: The purchase price of the shopping center in 2019 was $21 million. It has more than doubled in price because Real Sub LLC, a subsidiary of Lakeland-based Publix, recently purchased it for $58.5 million from the company which was technically Publix's landlord in the shopping center. Publix reportedly paid $370 per square foot for the space.

Previous Buyouts: This is not the first time that Publix has bought out its landlord. It purchased the Key Plaza Shopping Center for $74.5 million in March of 2024.

It also bought a shopping center in West Palm Beach for $10.65 million in 2016.