Publix pumped up its South Florida retail holdings by acquiring a shopping center anchored by one of its supermarkets.
The Lakeland, Florida-based grocery chain paid $58.5 million for Ramblewood Square Shopping Center at 1201-1327 North University Drive in Coral Springs, records and real estate database Vizzda show.
The seller, an affiliate of New York-based private equity firm Apollo Global Management, paid $21 million for the 15-acre property in 2019, records show. Ramblewood Square consists of six single-story retail buildings completed in 1990.
The 157,914-square-foot shopping center is anchored by a Publix supermarket and a Ross Dress for Less store, according to Loopnet. Other tenants include T-Mobile, Care Spot Express Healthcare, Starbucks and The UPS Store.
Including its recent purchase, Publix has spent $137.8 million for two existing shopping centers and two development sites in Broward and Palm Beach counties.
Publix’s Ramblewood Square purchase marks the company’s second deal with Apollo in the past two years. In 2022, Publix bought River Bridge Centre, a West Palm Beach shopping center anchored by one of its stores, from Apollo.
Publix paid $56.5 million for the 229,781-square-foot retail plaza and nine outparcels.
The same year, the grocer bought a waterfront development site for $12.8 million where it is planning a new store. In 2020, the Hollywood City Commission approved a 30,000-square-foot store with a boat dock on the 1.1 acre site at 3100 South Ocean Drive.
In 2021, Publix bought another development site in Fort Lauderdale for $10 million. A year later the grocery chain built a 29,000-square-foot store with rooftop parking on the 1.4-acre property at 2985 North Ocean Boulevard.
Last month, the Coral Gables City Commission approved the redevelopment of an existing Publix store at 2551 Le Jeune Road, according to published reports. Publix is planning a new 60,802-square-foot supermarket and liquor store, two levels of parking, 132,514 square feet of new retail spaces and a public park.
Publix acquired the 3.1-acre site for $12.5 million in 2006, records show.