Invesco has divested a Publix-anchored shopping centre in Boca Raton, Florida, for US$90.3 million. The sale comes after Invesco held the property for almost 35 years, according to real estate records. The buyer of the asset is Urban Edge Properties.
The property, known as Woodfield Plaza, spans 142,893 square feet and is located at 3003 West Yamato Road, near the intersection with Jog Road and approximately one mile from the Woodfield Country Club.
Tenant structure and further transaction details
In addition to the 42,112-square-foot Publix grocery store, tenants include Walgreens, Toojay’s, Dunkin’, Chase, Vinny’s Cafe, and 16 Handles. Excluded from the transaction are a Chevron petrol station and two retail bank buildings: one measuring 5,346 square feet leased to Citibank, and another measuring 3,398 square feet occupied by Wells Fargo.
Dallas-based Invesco acquired the 14.6-acre retail centre in 1993, one year after its completion, for US$20.6 million. For Urban Edge, a New York-based company whose portfolio is primarily concentrated in the Northeastern US, this purchase appears to be its first acquisition in South Florida.
Rising demand for grocery-anchored properties
Demand for properties with grocery stores as anchors has increased significantly in recent years, particularly since the pandemic. This is due to stable rental income and a consistent customer base. An example of this is the investment by Kimco Realty, which spent US$109 million in July to acquire two centres in Broward County.
Publix itself is also very active in the real estate market. Since 2022, the company has invested hundreds of millions of US dollars to purchase properties where it serves as the anchor tenant. Publix currently owns more than 38 percent of its stores. Just this month, the Lakeland-based company acquired a 204,740-square-foot plaza in Miami for US$83.3 million.
