Related Ross, led by Miami Dolphins owner Stephen Ross, has acquired a nearly 3-acre development site in West Palm Beach for $7.5 million. The parcels are located at 209 and 210 North Sapodilla Avenue and 755 Second Street and were purchased from the Florida Public Utilities Company.
The newly acquired site is adjacent to a planned Publix grocery store, which will span more than 47,200 square feet. Related Ross already owns nearby properties at 605 and 621 Banyan Boulevard that are also part of the planned Publix project, according to the South Florida Business Journal.
West Palm Beach officials recently designated the 1.7-acre Publix site as “surplus property” and approved negotiations for its sale to the grocery chain. The store’s design was created by Miami-based Alleguez Architecture.
It remains unclear what Related Ross plans to do with the newly purchased parcels near the future Publix location. Stephen Ross has previously advocated for increased economic development in West Palm Beach.
The South Florida market for grocery-anchored retail centers continues to attract investors due to strong demand and historically low retail vacancy rates. Recent notable transactions include Longpoint’s $34 million purchase of Miramar Parkway Plaza in July and Invesco’s acquisition of Marketplace at the Outlets from Starwood for $133.2 million this summer.
Grocery-anchored centers are considered attractive investments because they generate steady foot traffic and stable rental income, making them resilient assets amid changes in the retail sector.
Publix is also expanding its presence by acquiring shopping centers anchored by its stores. Since May, Publix has spent a total of $248.5 million on six such centers across South Florida’s tri-county area.
