Publix Super Markets buys Madeira center

BUYER: Publix Super Markets Inc., Lakeland

SELLER: Madeira Beach CRP LLC

PROPERTY: 652 - 674 Welch Causeway Madeira Beach

PRICE: $7.97 million

PLANS, DESCRIPTION: Lakeland-based Publix Super Markets Inc. purchased the 80,167-square-foot Madeira Shopping Center for $7.97 million. The price equated to $99 per square foot.

The new owner has operated a 39,667-square-foot grocery store in the center for several years. Other tenants in the center include Walgreens and McDonalds. At the end of 2010, the vacancy rate in the center was 23%, according to Shannon Patten, media & community relations manager for Publix.

Originally built in 1957, the center was substantially renovated in 1999.

Mark Gilbert, Adam Feinstein, Eric Williams and Mitchell Halpern of Cushman & Wakefield's Miami office handled the transaction.

“Madeira Shopping Center has been a strong and consistent performer for Ram Development Co.,” Gilbert says in a press release. “Ram decided to sell in order to take advantage of the strong demand in the market for high quality grocery-anchored centers.