Publix Super Markets buys Collier Commons retail

BUYER: Publix Super Markets Inc., Lakeland

SELLER: Collier Commons of Pasco LLC

PROPERTY: corner of State Road 54 and Collier Parkway in Land O' Lakes

PRICE: $28.18 million

PREVIOUS PRICE: $8.2 million, July 2002

LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION: Lakeland-based grocery store chain Publix Super Markets Inc. purchased the 187,132-square-foot Collier Commons Shopping Center for $28.18 million.

The price equated to $151 per square foot.

Anchored by a 60,667-square-foot Publix, and a 66,355-square-foot Belk, Collier Commons also includes Walgreens, Chili's and Verizon.
Built in 2003 and 2005, the development was fully leased at the time of the sale.

No changes are planned according to Shannon Patten, media and community relations spokeswoman for Publix.

Cushman & Wakefield of Florida Inc. Senior directors Karl Johnston and Patrick Berman represented the seller, Collier Commons of Pasco LLC.

“There will always be good investor demand for solid, grocery-anchored community shopping centers, as they are viewed as recession-proof because they cater to the everyday needs of consumers,” Johnston says in a press release. “Collier Commons has been a strong performing center and will continue to be for the foreseeable future given its strong anchor tenancy, sales volume, limited competition, and premier location.”