Real Estate

Publix Expands South Florida Portfolio with $58.5M Ramblewood Square Purchase

Publix acquires Ramblewood Square for $58.5M, expanding its South Florida retail footprint.

By Tal Alexander

5/23, 15:34 EDT
T-Mobile US, Inc.
article-main-img

Key Takeaway

  • Publix acquired Ramblewood Square Shopping Center in Coral Springs for $58.5 million, expanding its South Florida retail portfolio.
  • The 157,914-square-foot center includes tenants like Ross Dress for Less, T-Mobile, Starbucks, and The UPS Store.
  • Publix has invested $137.8 million in Broward and Palm Beach counties over recent years, including multiple shopping centers and development sites.

Publix Expands South Florida Footprint

Publix, the Lakeland, Florida-based grocery chain, has made a significant acquisition by purchasing the Ramblewood Square Shopping Center in Coral Springs for $58.5 million. This acquisition, detailed in records and real estate database Vizzda, marks a strategic expansion of Publix's retail holdings in South Florida. The shopping center, which spans 157,914 square feet and includes six single-story retail buildings, is anchored by a Publix supermarket and a Ross Dress for Less store. Other tenants include T-Mobile, Care Spot Express Healthcare, Starbucks, and The UPS Store. This purchase is part of a broader trend of Publix investing heavily in the region, having spent $137.8 million on similar acquisitions in Broward and Palm Beach counties.

Details of the Acquisition

The Ramblewood Square Shopping Center, acquired from an affiliate of New York-based private equity firm Apollo Global Management, was purchased for $21 million in 2019. The recent sale to Publix for $58.5 million represents a significant appreciation in value. This shopping center, completed in 1990, is a key asset in Publix's portfolio, which includes other notable acquisitions such as the River Bridge Centre in West Palm Beach and various development sites in Hollywood and Fort Lauderdale. These strategic purchases underscore Publix's commitment to expanding its footprint and enhancing its retail presence in South Florida.

South Florida's Real Estate Market Dynamics

The acquisition of Ramblewood Square by Publix is indicative of the broader dynamics in South Florida's real estate market. According to data from the Miami Association of Realtors, home sales and prices have been on the rise across the region. In April, total sales dollar volume hit $6 billion, up from $4.9 billion the previous year. Broward County, where Ramblewood Square is located, saw a 6 percent increase in total sales, with single-family home sales jumping 11 percent. The median price for single-family homes in Broward surged 10 percent to $635,000. This robust market activity highlights the attractiveness of South Florida for both residential and commercial real estate investments.

Implications for Retail and Real Estate Sectors

Publix's strategic acquisition of Ramblewood Square is a testament to the growing demand for well-located retail spaces in South Florida. This move not only strengthens Publix's market position but also reflects broader trends in the retail and real estate sectors. The increasing value of retail properties, coupled with rising home sales and prices, suggests a healthy and dynamic market. For investors and developers, South Florida continues to offer lucrative opportunities, driven by strong consumer demand and favorable economic conditions. Publix's continued investment in the region underscores its confidence in the long-term growth prospects of South Florida's retail market.