Publix Buys Key West Shopping Center for $75M
By Mark Hallum March 12, 2024 1:53 pm
reprints
Publix Super Markets is turning owner-operator at a shopping center in Key West, Fla.
The grocery chain, which until now has been the anchor tenant at the Key Plaza Shopping Center, acquired the 230,970-square-foot property at 1108 Key Plaza for $74.5 million, according to JLL (JLL). The property has an alternative address of 2900 North Roosevelt Boulevard.
The seller is listed in property records as Basil Vasiliou of MTC Key Plaza Limited Partnership, and could not be reached for comment.
Publix confirmed the purchase. “There are a number of variables and evaluations utilized in making a decision on investing in real estate and even building a facility,” a spokesperson for Publix said in a statement. “These evaluations are complex and proprietary.”
Manny De Zarraga, Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL Capital Markets represented Publix in the deal. JLL and De Zarraga did not immediately respond to a request for comment.
Other tenants in the shopping center, built in 1991, include OfficeMax and Dollar Tree.
Publix, one of the largest grocery chains in Florida, is employee-owned and headquartered in Lakeland, Fla. It has over 20 locations in the Miami area alone and three locations in the Florida Keys.
Its employee stock purchase plan allows store associates to buy equity in the company at $15.20 per share, as of March 1, according to the company.
It’s not clear how many stores Publix both owns and operates.
Mark Hallum can be reached at mhallum@commercialobserver.com.
