Publix Super Markets won’t be paying rent for its grocery store in North Miami. The company bought the 90,188-square-foot shopping center for $40 million.
The Gordon B. Certain Jr. Trust and Lawrence C. Turner sold the properties at 12700, 12864, and 13000 Biscayne Blvd. to Publix. The 11.8-acre site has a retail plaza anchored by Publix, a 22,877-square-foot office building of four stories with a Wells Fargo Bank branch, and a 4,362-square-foot restaurant leased to McDonald’s. The Certain/Turner family has owned this property for many decades and had it on a land lease with Publix. The retail center was first developed in 1963, but it has been expanded multiple times over the years.
The S. Florida Business Journal reports that in recent years, Publix has placed a major emphasis on buying shopping centers where it’s a tenant. These deals give Publix more control over investing in the property, selecting other tenants, and reducing its lease expenses.
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