PGIM Real Estate Sells Publix-Anchored Retail Centers

Town Center at Jensen Beach. Image courtesy of JLL

Phillips Edison & Co. has acquired two grocery-anchored retail centers, totaling 181,000 square feet, for $32 million. JLL Capital Markets brokered the deal on behalf of the seller, PGIM Real Estate.

The new owner added the 70,288-square-foot Shops at Sunset Lakes in Miramar, Fla., and the 109,811-square-foot Town Center at Jensen Beach in Jensen Beach, Fla., to its retail portfolio. Both shopping centers are anchored by Publix.

Shops at Sunset Lakes was constructed in 1999 and is 98.4 percent occupied. Publix has anchored the retail center for more than 23 years. The property also features a variety of national and local tenants, including Goodwill, State Farm Insurance, Sedation Dental Spa, Small World Montessori, The Tutoring Center and Sushi Ski.

Shops at Sunset Lakes is situated at 18401-18499 Miramar Parkway, serving a population of 69,697 residents living within a 3-mile radius, with an average household income of $138,871.

Town Center Shops at Jensen was completed in 2000 and is currently 83.5 percent occupied by a diverse mix of businesses including service, food and beverage, medical and fitness providers, as well as a standalone Culvers outparcel.

Publix has been operating at the property for 22 years, alongside Orange Theory Fitness, Party City, Parents Choice Preschool, All Partners Network and Coastal Animal Hospital, among others. Located at 4163 N.W. Federal Highway, the property is accessible to a population of 114,389 residents living within a 5-mile radius.

Grocery-anchored assets remain a safe bet for investors

JLL Senior Managing Director Danny Finkle, Senior Directors Eric Williams and Jorge Portela, along with Vice President Kim Flores led the team representing the seller in the transaction.

Investors continue to show a strong interest in the retail sector, particularly in grocery-anchored shopping centers located in fast-growing Florida markets, due to their consistently strong performance, Finkle said in a prepared statement.

Earlier this year, Stiles Corp. and Cantrell & Morgan sold Parkway Village at St. Johns, a 52,070-square-foot, Publix-anchored retail center in St. Augustine, Fla. The same JLL team represented the joint venture in the transaction.