PGIM Sells Retail Portfolio for $224M
The properties are spread across key Florida markets.
PGIM Real Estate, in conjunction with Southeast Centers, has sold a seven-property retail portfolio totaling 608,314 square feet across several Florida markets. Publix purchased the grocery-anchored assets for $223.9 million, public records show.
JLL brokered the transaction, working on behalf of the seller. The portfolio was 97 percent leased at the time of closing.
The Florida collection includes retail centers in Davie, Lake Worth, Kissimmee, Royal Palm Beach and Fort Myers:
- Davie Shopping Center, at 4601 S. University Drive in Davie
- Crestwood Square, at 11935 Southern Blvd. in Royal Palm Beach
- Village Shops at Bellalago, at 3839 Pleasant Hill Road in Kissimmee
- Regency Square Shopping Center, at 4801-4995 SW 148 Ave. in Davie
- Gladiolus Gateway, at 11600 Gladiolus Drive in Fort Myers
- Woods Walk Plaza, at 9855 Lake Worth Road in Lake Worth
Senior Managing Director Danny Finkle and Vice President Kim Flores, together with Senior Directors Eric Williams and Jorge Portela, led the JLL Investment and Sales Advisory team representing PGIM.
Publix-anchored centers attract interest
Recent retail market trends highlight a growing investor interest in grocery-anchored centers, with Publix emerging as a particularly sought-after tenant.
In July, Publix acquired Harbour Pointe Village, a 123,772-square-foot shopping center in Midlothian, Va. The anchor tenant purchased the asset for $35.8 million, in a transaction brokered by JLL.
That same month, The Sembler Co. completed a 60,500-square-foot retail center in Milledgeville, Ga. Lakeside Commons comprises a 48,387-square-foot freestanding Publix and 12,000 square feet of small-shop space.
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