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Publix Pays $83.5M for Miami Shopping Center
As it’s likely to do, Publix Super Markets bought out its landlord at Airpark Plaza in Miami. The company paid $83.25 million for the 204,000-square-foot shopping center. The S. Florida Business Journal reports First Washington Realty was the seller.
Airpark Plaza last traded for $36.82 million in 2008.
Publix often buys out its landlords, allowing it to exert greater control over the shopping center, including physical improvements and the tenant mix. Earlier this year, Publix bought out its landlord at the Fountains of Boynton and at Aberdeen Square, also near Boynton Beach.
The shopping center was built on the 12.6-acre site just south of Miami International Airport starting in 1971. In addition to Publix, tenants include Burlington, TD Bank, First Watch, Burger King, Domino’s Pizza, and Wingstop.
- ◦Sale/Acquisition
