Publix pays $83M for retail plaza near Miami airport as it buys up shopping centers anchored by its stores

Publix Super Markets bought a retail plaza near Miami International Airport for $83.3 million as it continues to chase property ownership for the shopping centers it anchors. 

Bethesda, Maryland-based First Washington Realty sold the 204,740-square-foot Airpark Plaza at 5705 Northwest Seventh Street to the Lakeland-based grocer, according to records and a Vizzda report. The deal for the seven single-story buildings works out to $407 per square foot. The plaza last sold in 2008 for $32.9 million, more than doubling in value.

According to First Washington Realty’s website, it also owns the 73,550-square-foot Publix-anchored Shoppes at Quail Roost in south Miami-Dade, northwest of the Southland Mall. 

Other major tenants at Airpark Plaza include Burlington and Alain’s Design Furniture. The property is near the Waterford Blue Lagoon commercial area, which includes a Hilton hotel and headquarters for Lennar and Subway. 

The deal builds on Publix’s slew of shopping center acquisitions across South Florida’s tri-county area, bringing its total acquisitions of Florida shopping plazas over the past two years to roughly $409.8 million. 

Palm Beach County has been a particularly active region for the grocery store. In June, Publix bought the 71,190-square-foot Aberdeen Square retail center west of Boynton Beach from Longpoint Partners for $24 million, and a month earlier, it paid $78 million to an entity tied to Union Investment Real Estate and Bolder Group for the 179,000-square-foot Fountains of Boynton also near Boynton Beach. 

Elsewhere in the county, Publix had a downtown West Palm Beach development site under contract in March from Steve Ross’ Related Ross to develop a 40,000-square-foot store with covered parking.

Other South Florida cities where Publix has picked up shopping centers include Boca Raton, Fort Lauderdale, Kendall and North Miami. 

Led by CEO Kevin Murphy, Publix is the highest-revenue generating company based in Florida, posting $63.2 billion last year and ranking No. 72 on the Fortune 500 list. 

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