PGIM Sells Retail Portfolio for $224M
2 min readPGIM Real Estate has sold a seven-property grocery-anchored retail portfolio totaling 608,314 square feet across several Florida markets. Publix and Southeast Center purchased the retail centers for $223.9 million, public records show.
JLL Capital Markets brokered the transaction, working on behalf of the seller. At the time of the deal, the portfolio was 97 percent occupied.
The collection includes retail centers in areas such as Davie, Lake Worth, Kissimmee, Royal Palm Beach and Fort Myers:
Davie Shopping Center located at 4601 S. University Drive in Davie, Fla.
Crestwood Square located at 11935 Southern Blvd. in Royal Palm Beach, Fla.
Village Shops at Bellalago located at 3839 Pleasant Hill Road in Kissimmee, Fla.
Regency Square Shopping Center located at 4801-4995 SW 148 Ave. in Davie, Fla.
Gladiolus Gateway located at 11600 Gladiolus Drive in Fort Myers, Fla.
Woods Walk Plaza located at 9855 Lake Worth Road in Lake Worth, Fla.
Senior Managing Director Danny Finkle, Senior Directors Eric Williams and Jorge Portela and Vice President Kim Flores 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. Earlier in July, Publix acquired Harbour Pointe Village, a 123,772-square-foot grocery-anchored 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 shopping center in Milledgeville, Ga. Lakeside Commons comprises a 48,387-square-foot freestanding Publix and 12,000 square feet of small shop space.
Last year, PGIM has sold two grocery-anchored retail centers, totaling 181,000 square feet, for $32 million. JLL Capital Markets brokered the deal on behalf of the seller. The properties, located in Miramar and Jensen Beach, Fla., were both anchored by Publix.
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