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Commercial Real Estate
Business Observer Friday, Feb. 20, 2015 7 years ago

Polk County: Publix Super Markets buys land under Wells Fargo building

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Lakeland-based grocer Publix Super Markets purchased a 1.01-acre parcel housing a 3,950-square-foot bank building for $1.89 million.

BUYER: Real Sub LLC (officers: John Attaway, David Phillips, Jeffrey Chamberlain and William Crenshaw), Lakeland
SELLER: HCTC2 LLC
PROPERTY: 5101 U.S. 98 S., Lakeland
PRICE: $1.89 million

PREVIOUS PRICE: $22.96 million, December 2010 (includes additional land)

PLANS, DESCRIPTION:
Lakeland-based grocer Publix Super Markets purchased a 1.01-acre parcel housing a 3,950-square-foot bank building for $1.89 million.

The land, which is leased to Wells Fargo, is an outparcel to the 95,622-square-foot, Publix-anchored Highland City Town Center. Publix purchased the main retail center in November for $16.5 million.

Wells Fargo has roughly 13 years remaining on its ground lease with four additional five-year renewal options.

“Today, we operate 1,097 stores across six states: Florida, Georgia, South Carolina, Alabama, Tennessee and North Carolina, and approximately 20% are owned by Publix,” Brian West, Publix spokesman, wrote in an email to the Business Observer. “We are fortunate to have no long-term debt and plenty of cash on hand for these types of investments.”

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