Two Publix-Anchored Retail Centers Trade For $32M

JLL Capital Markets closed the $32 million sale of the 70,288-square-foot Shops at Sunset Lakes in Miramar 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.




Get the latest industry news and information from CRE-sources delivered right to your email inbox!

And we promise…no more than one email each morning.