Loading
Publix has bought one of its existing stores in Tampa from its longtime owner.
The Lakeland grocer picked up the 64,031-square-foot store at 8701 W. Hillsborough Ave. after exercising its right of first refusal, according to Marcus & Millichap. The firm represented the seller and announced the deal.
Publix paid $7.25 million for the 6.29-acre property and the store, which was built in 1977, on it.
Marcus & Millichap says the seller was a private investor whose family has owned the property for nearly a century. Hillsborough County records show the property was owned by an LLC named Hillsborough Memorial. The deed also lists the Greater Miami Jewish Federation as a grantor.
Evan Cannan, a Marcus & Millichap senior associate who helped broker the deal, says that when a property “has so many unique characteristics like this one, it is hard to determine what someone would be willing to pay for it, especially in the market we are in today.”
With that in mind, the property was put on the market without a sales price and six offers were received within the first three days. Cannan says bidding wound up bringing in an offer that was $1.25 million higher than the highest off-market offer the seller had gotten.
“That said, Publix exercised their ROFR and matched the price and terms we presented them with,” Cannan says.
According to the deed, the buyer was Real Sub LLC. State corporation records show Real Sub’s principal address is 3300 Publix Corporate Parkway in Lakeland. That is the address of the grocer’s corporate headquarters.
Publix did not respond to a question about how many of its stores are corporate owned.
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.
