Two Publix-anchored retail centers in Florida trade for $32M
JLL Capital Markets arranged the sales of the 70,288-square-foot Shops at Sunset Lakes in Miramar, Florida and the 109,811-square-foot Town Center Shops at Jensen Beach
MIAMI, March. 29, 2023 – JLL Capital Markets announced today that it has closed the $32 million sale of the 70,288-square-foot Shops at Sunset Lakes in Miramar, Florida and the 109,811-square-foot Town Center at Jensen Beach. Both centers are anchored by the strong-performing Publix, Florida’s dominant grocer.
JLL represented the seller, PGIM Real Estate, in both transactions, and Phillips Edison & Company acquired both assets.
Built in 1999, Shops at Sunset Lakes is currently 98.4% with its Publix anchor operating at the site for over 23 years. The property is leased to a mix of national and local tenants, including Goodwill, State Farm Insurance, Sedation Dental Spa, Small World Montessori, The Tutoring Center, Sushi Ski and more. The center is located at 18401-18499 Miramar Parkway, reaching a population of 69,697 within a three-mile radius and an average household income of $138,871.
Town Center Shops at Jensen was built in 2000 and is currently 83.5% occupied to a mix of service, food and beverage, medical and fitness uses, as well as a freestanding Culvers outparcel. In addition to its Publix, which has 22-year history with the property, and Culvers, the center is also occupied by Orange Theory Fitness, Party City, Parents Choice Preschool, All Partners Network, Coastal Animal Hospital and more. The property is located at 4163 NW Federal Hwy and reaches a total of 114,389 residents within a five-mile radius.
The JLL team that represented the seller was led by Senior Managing Director Danny Finkle, Senior Directors Eric Williams and Jorge Portela and Vice President Kim Flores.
“The fundamental performance of the retail sector, and specifically grocery-anchored centers in high-growth Florida markets, continue to drive demand from a wide variety of investors,” said Finkle.
“Shops at Sunset Lakes and Town Center at Jensen Beach represented the rare opportunity to acquire two high-quality Florida Publix-anchored centers in a single transaction and will make an excellent addition to the buyer’s existing portfolio,” said Williams.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Phillips Edison & Company
Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of omni-channel grocery-anchored shopping centers. Founded in 1991, PECO has generated strong results through its vertically integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of December 31, 2022, PECO managed 291 shopping centers, including 271 wholly-owned centers comprising 31.1 million square feet across 31 states, and 20 shopping centers owned in one institutional joint venture. PECO is exclusively focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.