Loading
BUYER: Publix Super Markets Inc., Lakeland
SELLER: Inland American Englewood Merchants LLC
PROPERTY: 1500 Placida Road and 1675 S. McCall Road, Englewood
PRICE: $17.9 million
PREVIOUS PRICE: $14 million, June 2002
PLANS, DESCRIPTION:
Lakeland-based grocery group Publix Super Markets Inc. purchased the 213,739-square-foot Merchants Crossing shopping center for $17.9 million.
The price equated to $84 per square foot. That figure is lower than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.
The 24-year-old shopping center at the corner of Placida and McCall roads is anchored by a more than 50,000-square-foot Publix grocery store. It also features a Bealls department store and Office Depot.
“We are approached on a regular basis to buy sites where we have stores,” says Brian West, a spokesman for Publix. “Sometimes we also have a right of first refusal. We evaluate the property and if we decide it makes good business sense we make the purchase.”
He says the grocery store group owns roughly 20% of the shopping centers or freestanding locations where it has stores. Publix manages some of the real estate itself and outsources the remainder to property management firms.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
