Publix Super Markets buys Shoppes of Apollo Beach

BUYER: Real Sub LLC (principals: John Attaway, David Phillips, Jeffrey Chamberlain and William Crenshaw), Lakeland
SELLER: KLA Apollo Beach LLC
PROPERTY: 6402-6520 N. U.S. 41, Apollo Beach
PRICE: $12.8 million
PREVIOUS PRICE: $6.48 million, April 2004

PLANS, DESCRIPTION:
Lakeland-based grocery Publix Super Markets Inc. purchased the 109,878-square-foot Shoppes of Apollo Beach for $12.8 million.

The price equated to $116 per square foot. That figure is less than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

The three-building center is 85% occupied. Publix and Dollar General anchor it. Other tenants in the center include Beef 'O' Brady's, Trustco Bank, Verizon, Pinch A Penny Pool Patio Space and All Season Pools.

Elliott Ross and John Stoner of RMC Ross Realty represented the seller.

“This is the only Publix on Apollo Beach for four miles,” Stoner says. “It is in a growing area of the county.”

He says that prior to actively marketing the center, Publix exercised an option in its lease to buy it.

The purchase follows shortly after Publix's acquisition of the 81,312-square-foot Shoppes of Pelican Landing retail center for $12.59 million or $155 per square foot.