Publix has acquired nine shopping centers where its supermarkets serve as anchors from DDRM Properties and Madison International Realty. Eight of the centers are located in Florida; the remaining property is in Georgia. The sale price was not disclosed by DDRM, which is a unit of DDR.
The Florida-based Publix, widely recognized as one of the most efficient operators in the grocery business, gets a total of 732,000 sq. ft. of GLA in the acquisition, according to Madison, a real estate private equity firm that is the JV partner with DDR on the transaction.
In 2017, Madison and DDR announced a $1.05 billion recapitalization of the shopping center portfolio, which consisted originally of 52 grocery-anchored centers.
“I am extremely pleased with the joint venture’s ability to capitalize on current strong market demand for high quality shopping centers,” said David Lukes, CEO of DDR.