- September 16, 2024
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Grocery growth: Publix Super Markets has bought a seven-property grocery-anchored real estate portfolio that includes a Fort Myers shopping center. The Lakeland grocery giant paid a combined $223.85 million for the properties. According to JLL Capital Markets, which announced the sale and represented seller PGIM Real Estate, the portfolio totals 608,314 square feet and is 97% occupied. The properties are spread out across the state, with two each in Davie and Kissimmee. JLL did not disclose the buyer but public records in each county where a sale was completed show it was Real Sub, an LLC belonging to the grocer. Publix officials did not respond to a request for comment or answer questions about its plans and if it had bought the entire center or just the stores that anchored it. The Fort Myers center, according to JLL, is Gladiolus Gateway at the intersection of Gladiolus Drive and McGregor Boulevard. According to Lee County public records, Publix paid $17.2 million for the property. PGIM is a New Jersey-based real estate investment firm. JLL’s senior managing director Danny Finkle, senior directors Eric Williams and Jorge Portela and vice president Kim Flores represent PGIM.
The other six properties in the portfolio are:
Conserve and grow: The Lakeland commercial real estate firm SVN Saunders Ralston Dantzler has been busy. The firm says in the first half of the year it brokered the sale of $26 million worth of conservation easements totaling 7,000 acres statewide. Among the deals was the $8.19 million easement sale of 2,101 acres at Syfrett Ranch, a cow-calf operation in Highlands and Glades counties. It also sold the conservation easement on Albritton’s Hart in Highlands. The deal was valued at $4.8 million and covers 1,602 acres. The firm, which has been in business for about 30 years, is known statewide for its work on deals aimed at preserving the state’s land. Just last year it brokered the sale of 28,322 acres in conservation easements in transactions totaling $67.6 million. The firm is also opening a new office in Fayetteville, Arkansas. According to Saunders Ralston Dantzler, the expansion “reflects our long-standing commitment” to land real estate services across the Southeast. It also has a Georgia office.
Jersey comes to Tampa: A pair of New Jersey real estate investment firms have bought an industrial building in Tampa. The Stro Cos. and Kushner Real Estate Group picked up the 18,200-square-foot space at 5126 W. Cypress St. near Tampa International Airport. The firms did not disclose a purchase price, but according to Hillsborough County property records the entities paid $2.6 million. The previous owners bought the building in 2009 for $750,000. According to the firm, the building was built in 1969 and sits on 0.92 acres. It has 17-foot clear ceilings and 11 loading docks. The companies say the property is for lease and is being marketed by Jessica Mizrahi and Julia Silva of Lee & Associates. Stro’s portfolio is made up of 4 million square feet with most of its properties in New Jersey. It has five properties in Florida, including one in Largo. As for Kushner, its portfolio includes 9,000 apartments with another 7,000 in the pipeline. It also owns and manages 6 million square feet of office, warehouse and retail space.
Speaking of conservation: Sarasota County has bought the conversation easement for 656 acres on Longino Ranch in the eastern part of the county. The property is at 26111 Turpentine Still Road in Sidell and the county paid $2.89 million. This is the third conservation easement the county has bought on the Longino Ranch property, bringing the total amount of land that will remain undeveloped to 8,060 acres. The purchase was made through the Environmentally Sensitive Lands Protection Program and adds to the 41,000 acres the county has preserved over the past 24 years, it says in a statement. Conservation easement purchases are meant to strip the development rights from a property, ensuring that current and future owners leave it in its natural state. This particular land has pine flatwoods and mixed hardwood forest, as well as longleaf pine and sweetbay magnolia. Animal species on the property include white-tailed deer, bobcat, gopher tortoise and burrowing owl.
Oh thank heaven: 7-Eleven is building a new store in Venice. The company has bought 1.38 acres on the corner of U.S Highway 41 and River Road. Loyd Robins & Co., the Sarasota commercial real estate firm that brokered the sale, says the company paid $1.6 million. The property is part of the Myakka Crossing Commercial Park, a 7.5-acre mixed-use development between Venice and North Port near Wellen Park. The firm says local resident Brad Baker began assembling the property in 1984 and purchased the final portion in 2022. According to the firm, site work has already begun on the property and 7-Eleven will immediately start construction once the groundwork has been finished.
Storage coming: A 2.51-acre parcel in Bradenton will be turned into a storage facility. The property is at 5615 Manor Hill Lane and was bought for $1.35 million by Texas-based Horne Partners LLC. SVN Commercial Advisory Group, which represented Horne, says the property was the last undeveloped parcel in a subdivision about four miles from Lakewood Ranch. The firm says it took about three years to put the deal together and that its advisors had to work with neighboring businesses to remove easements and resolve utilities issues. SVN advisor Mike Migone and Lance Cobb represented Horne. Details about when construction will begin and how big the facility will be were not immediately available.
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