Mar
11

Publix Supermarkets, Inc. Buys a Publix Anchored Center?

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The Publix anchored shopping center, Island Crossing on Hilton Head Island, has sold……to Publix Supermarkets, Inc. Other tenants in the 96,598 sf center include Walgreens and Staples. Real Capital Analytics reports that the sales price was $14,592,000, or $151 per sf.

The sale closed in February 2009 and the center was 98% occupied. This is the first time that I recall seeing Publix purchase an entire center that they are the anchor tenant of.
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    Categories : Hilton Head Island

    Comments

    1. Brian Reed says:

      This kind of thing is probably going to happen more often. In this economy, property owners are going to be facing pressures. Anyone in a relatively decent cash position is situated to get a great deal on real estate, including tenants.

      This is especially true for retail anchors, as their success is critical to that of the center as a whole.

      I think it bodes well for Publix that they are seizing the opportunity.

    2. Anonymous says:

      Many supermarket leases give a right of first refusal to purchase a center in the event of a sale. While it does not occur that often, it is not really uncommon.

    3. Anonymous says:

      Any idea of the cap rate used for the sale?

    4. Anonymous says:

      Great info, working on center in HH right now so this is extremely helpful. We use your newsletter all the time for mkt information; it’s great to have this insight!