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Publix Super Markets Inc., following a flurry of purchases of shopping centers it anchors in the waning days of the last economic recession, may be at it again.
The Lakeland-based grocery chain has acquired a trio of shopping centers in Hillsborough, Pinellas and Polk counties for $68.7 million, property records from the three counties show.
Brian West, a Publix spokesman, says that the acquisitions do not represent the kick-off to another round of intentional buying.
“There's no rhyme or reason to why we've purchased these particular centers at this particular time, it was just a good opportunity,” West says.
“When the real estate markets collapsed a few years back, we were fortunate to have cash on hand and not be burdened with any long-term debt, so we were able to make some good investments with our money. Now, while the market has come back, there are still some good opportunities out there.”
In 2014 and 2015, the company budgeted roughly $3 billion to both acquire existing locations and open new stores, documents show.
Publix, which operates more than 1,150 stores in seven states and is among the Top 10 largest grocers by volume in the U.S. with $34 billion in sales last year, bought its three most recent centers from Ellis & Co. LLLP, of Tarpon Springs, and Armstrong Development Properties Inc., of Butler, Pa.
The properties are located at 525 S. Belcher Road, in Clearwater; 2616 W. Hillsborough Ave., in Tampa; and 8006 Osceola Polk Line Road, in Davenport.
Ellis had owned its pair of centers for more than two decades, while Armstrong bought its Polk County property for $14.3 million in January 2006 before selling it to Publix for $23.35 million.
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