Walmart has acquired a development site at the western end of Palm Beach County, Florida, for US$11.7 million. This is another example of retailers increasingly taking control of their physical presence themselves, according to available property records. The undeveloped, 24-hectare (60-acre) site at 5253 Seminole Pratt Whitney Road is located within Minto Communities’ master development, Westlake.
The planned Walmart development, spanning 188,779 square feet, will include a supermarket, pharmacy, garden centre, automotive centre, and optician’s office. Additionally, a 1,620-square-foot petrol station and convenience store are planned. The Westlake City Council approved the plans in April.
Growth in Westlake
The 3,800-acre master-planned community of Westlake is approved for 6,500 residential units and 2.2 million square feet of commercial space, about half of which has already been sold. Westlake’s population grew to just over 9,000 last year, having been 912 in 2020, according to the U.S. Census Bureau. John Carter, Senior Vice President of Minto Communities USA, stated that the market is increasingly noticing Westlake as the community reaches critical mass. They are committed to being selective in choosing businesses that locate in the city and focus on those that offer genuine value to residents.
In January, Minto Communities had already sold a 10.6-hectare (26.2-acre) plot of land to Lowe’s for US$7.5 million. The home improvement retailer will build a 107,547-square-foot store and a 26,601-square-foot garden centre there. This site, which borders the new Walmart location, will also house the regional corporate headquarters.
Trend Towards Direct Acquisition of Retail Properties
These acquisitions are part of a broader trend where retailers are acquiring their store locations themselves. Higher interest rates dampen competition from investors, and companies seek protection against rising rents. Since 2023, Publix has spent over US$400 million on buying properties from their landlords. In June, the grocer paid US$24 million for a 71,191-square-foot open-air shopping centre in Boynton Beach, where it operates a 46,031-square-foot store. A representative for Walmart did not immediately respond to a request for comment.
