Publix Super Markets has made a strategic move by purchasing the 90,188-square-foot shopping center in North Miami. The company acquired the property for $40 million from the Gordon B. Certain Jr. Trust and Lawrence C. Turner.
The site, which spans over 11 acres, includes three properties located at 12700, 12864, and 13000 Biscayne Blvd., all of which were sold to Publix as part of this transaction. The retail plaza is anchored by Publix and also features a four-story office building with a Wells Fargo Bank branch and a McDonald’s restaurant occupying approximately 4,362 square feet.
This purchase marks an important milestone for Publix as it takes ownership of its own location rather than leasing it from others like in previous years. The Certain/Turner family had owned this property for many decades before selling it to Publix on land lease terms.
According to reports from the South Florida Business Journal , this acquisition aligns with Publix’s recent focus on buying shopping centers where they are tenants instead of just leasing space within them.This allows them more control over investing in their properties while also selecting other tenants that will complement their business model.Furthermore,this move helps reduce their overall lease expenses moving forward.
In summary,Pubix has taken another step towards securing its presence within North Miami through acquiring its own shopping center.This decision not only gives them more control but also showcases their commitment towards long-term growth strategies.
