- July 18, 2014
BUYER: PSM Lakewood Ranch LLC (Real Sub LLC), Lakeland
SELLER: MCLR Partners Ltd.
PROPERTY: 8330, 8370, 8306, 8350, 8342, 8338, 8314, 8386, 8382, 8378, 8374, 8366, 8362, 8354, 8322, 8318 and 8332 Market St., Bradenton
PRICE: $17.45 million
LAW FIRM ON DEED: Graydon Head & Ritchey LLP, Cincinnati
Publix Super Markets Inc. has purchased another Lakewood Ranch area retail center from North American Properties Southeast. The Lakeland-based grocery company purchased the 103,000-square-foot Publix at Lakewood Ranch center for $17.45 million.
The price equated to $169 per square foot. That figure is higher than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.
The center, on 10.19 acres bordered by University Parkway, Market Street and Town Center Parkway, is anchored by Publix and features independently owned outparcels for Wells Fargo, SunTrust Bank, Chase Bank and Chili's. Tenants in the strip center building include First Watch, Lemon Tree Salon, Coldwell Banker, Fifi's Fine Resale, Ming Wu Martial Arts and Monty's Pizza.
Publix purchased a number of retail centers recently from North American Properties, including the 90,000-square-foot Lakewood Walk shopping center it acquired last year for $26.25 million.
The grocery giant says it owns the real estate housing roughly 20% of its stores. It has about 1,097 operating stores.