Publix Super Markets will become the owner and operator of a shopping center in Key West, Florida.
The grocery chain, previously an anchor tenant at Key Plaza Shopping Center, acquired the 230,970-square-foot property at 1108 Key Plaza for $74.5 million, according to JLL. The property's alternate address is 2900 North Roosevelt Boulevard.
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Property records list the seller as Basil Vasiliou of MTC Key Plaza Limited Partnership, but he could not be reached for comment.
Publix confirmed the acquisition. “There are many variables and valuations that are used when deciding to invest in real estate or build facilities,” a Publix spokesman said in a statement. “These valuations are complex and unique.”
Publix was represented in the transaction by Manny de Zarraga, Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL Capital Markets. JLL and de Zarraga did not immediately respond to requests for comment.
Other tenants at the shopping center, which was built in 1991, include OfficeMax and Dollar Tree.
One of Florida's largest grocery chains, Publix is employee-owned and headquartered in Lakeland, Fla. There are more than 20 locations in the Miami area alone, and three in the Florida Keys.
The company said its employee stock purchase plan allows store employees to purchase company stock at $15.20 per share as of March 1.
It's unclear how many stores Publix will own and operate.
Mark Hallum can be reached at mhallum@commercialobserver.com