BUYER: PSM Bee Ridge LLC (Real Sub LLC), Lakeland
SELLER: NAP Bee Ridge LLC
PROPERTY: 8300 Bee Ridge Road, Sarasota
PRICE: $8.4 million
PREVIOUS PRICE: $1.8 million, February 2005
LAW FIRM ON DEED: Graydon Head & Ritchey LLP, Cincinnati
Lakeland-based grocer Publix Super Markets purchased the 47,800-square-foot Publix at Bee Ridge retail center for $8.4 million.
The price equated to $176 per square foot. That figure is higher than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.
Located on 10.75 acres at the southwest corner of Bee Ridge Road and the Bee Ridge Road Extension, the center is anchored by a 28,900-square-foot Publix grocery store. It features a separate 12,600-square-foot retail building directly north of the Publix, a 6,300-square-foot building at the Publix's southeast corner and SunTrust Bank and Fifth Third Bank outparcels along Bee Ridge Road.
The seller, North American Properties, developed the three building center in 2009. Recently, Publix purchased the 90,000-square-foot Lakewood Walk shopping center in Lakewood Ranch from North American Properties for $26.25 million. As of North American Properties' latest marketing sheet, the center was 84% occupied.
Publix regularly buys its real estate. It owns the real estate for roughly 20% of its roughly 1,090 operating stores.