Publix Splashes $67M on Palm Beach Shopping Centers in Latest Real Estate Power Move

Publix has added more South Florida shopping centers to its real estate portfolio, spending $67 million to acquire two retail properties anchored by its stores in Palm Beach County. These acquisitions are part of the grocery giant’s broader $224 million purchase of a seven-property shopping center portfolio across Florida, all anchored by Publix locations.

In Palm Beach County, Publix bought the Woods Walk Plaza in Lake Worth Beach for $46 million and Crestwood Square in Royal Palm Beach for $21 million, according to public records and real estate database Vizzda. The transaction was part of a larger deal that included shopping centers in Davie, Fort Myers, and Kissimmee. The two Davie properties alone sold for a combined $83 million. The entire portfolio is 97 percent occupied, according to a press release.

The seller, a joint venture between PGIM, the real estate investment arm of Prudential, and Boca Raton-based Southeast Centers, was represented by a JLL team led by Danny Finkle and Eric Williams. Specific details about the previous sale prices for Woods Walk Plaza and Crestwood Square were not available.

Woods Walk Plaza, located at 9855 Lake Worth Road in Lake Worth Beach, consists of two single-story buildings covering 115,294 square feet across 15 acres. Built in 1992 and expanded in 2007, the shopping center’s tenants include Renal Care Centers, Brooklyn Water Bagels, Core Evolution, Subway, and Supercuts, in addition to the Publix store.

Crestwood Square, at 11935 Southern Boulevard in Royal Palm Beach, is a 79,746-square-foot shopping center on 10 acres. Built in 1997, this single-story plaza houses a Publix and other tenants such as Carvel Ice Cream, Duffy’s Sports Grill, and Hair Cuttery.

Publix-anchored shopping centers are considered highly attractive real estate investments, given the grocery chain’s consistent draw for consumers. These properties often remain desirable even when not actively on the market. For example, Arlington, Virginia-based AvalonBay Communities recently paid $16.5 million for a multifamily development site adjacent to another Publix-anchored shopping center in Lake Worth Beach. AvalonBay plans to develop Northlake Promenade Apartments, a seven-story building with 279 units, next to the shopping center.

These acquisitions reflect Publix’s ongoing strategy to expand its real estate holdings across Florida, cementing its presence not only as a retail powerhouse but also as a significant player in the commercial real estate market.

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