PGIM Offloads 2 Publix-Anchored Shopping Centers for $32M
By Mark Hallum March 29, 2023 2:52 pmreprints
PGIM Real Estate sold off about 180,100 square feet of retail across two properties in South Florida.
The real estate investment trust Phillips Edison & Company acquired the shopping centers, both anchored by grocery chain Publix, in a $32 million deal, with JLL (JLL) representing the seller in the transaction, according to the brokerage.
The properties are the 70,288-square-foot Shops at Sunset Lakes at 18409 Miramar Parkway in Miramar, Fla. and the 109,811-square-foot Town Center Shops at 4231 Northwest Federal Highway in Jensen Beach near Port St. Lucie.
Shops at Sunset Lakes was built in 1999 and has been leased to Publix for nearly that long. Town Center Shops was built in 2000, and likewise made the grocery store a tenant within the first year.
Goodwill, State Farm Insurance, Sedation Dental Spa, Small World Montessori, The Tutoring Center and Sushi Ski also lease space at Sunset Lakes. Tenants at Town Center include Orangetheory Fitness, Party City, Parents Choice Preschool, All Partners Network and Coastal Animal Hospital.
JLL’s Danny Finkle, Eric Williams, Jorge Portela and Kim Flores managed the sale to Phillips Edison & Company.
“The fundamental performance of the retail sector, and specifically grocery-anchored centers in high-growth Florida markets, continue to drive demand from a wide variety of investors,” Finkle said in a statement.
JLL did not disclose who represented the buyer in the transaction, while PGIM and Phillips Edison did not immediately respond to a request for comment.
Mark Hallum can be reached at firstname.lastname@example.org.