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03/16/2018

DDR, Madison sell nine centers to Publix

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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.

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