The company's first acquisition, which closed on March 8th, was the 125,000-square-foot Valrico Square Shopping Center in Valrico, Florida near Tampa, which it purchased for $6 million. The company plans to put another $14 million into renovation of the center, change its name to Valrico Commons and add a 54,000-square-foot Publix at the site.

Adam Robinson, development coordinator for Primerica, says that, while the company purchased the Valrico center for cash, it is looking for new investor money as well as joint venture partners to buy other centers.

Although Primerica also owns and manages other commercial properties, like the 60,000-square-foot Carrollwood Professional center, a one-story office park in Tampa, and the 252-unit Lakes at Collier Common apartment complex in Land O Lakes near Tampa, "our bread and butter is grocery-anchored centers, especially those anchored by Publix," says Robinson.

Primerica expects to begin the transformation of the Valrico Square Shopping Center in August of 2010, starting with the demolition of an old Winn-Dixie store at the site. Although Primerica paid cash for the Valrico center, says Robinson, the company is talking to several lenders about a construction loan to renovate it. Plans for the center, located a few miles from I-75 and I-4, include, in addition to the construction of a new Publix, a remodeled facade, new landscaping and improvements to the parking lot. While Primerica plans to retain existing tenants, the company is also looking for new ones to take space at Valrico Commons. Upon completion, the center will have 150,000 square feet.

In addition to Valrico Commons, Primerica owns and manages several other Publix-anchored shopping centers in Central Florida. In April 2009, it opened the approximately 100,000-square-foot Zephyr Commons in Zephyrhills, 20 miles northeast of Tampa, and, on the same day, it opened the 103,500-square-foot Jacaranda Center in Venice, FL, near Sarasota, both anchored by Publix.

Primerica also owns and manages the approximately 125,000-square-foot Venice Commons in Venice, a Publix-anchored shopping center built in the early 2000s. This center includes five free-standing, 5,000-square-foot office buildings.

One of Primerica's largest centers is the 250,000-square foot Collier Commons in Land O Lakes, which is anchored by a Publix and a Belk's department store.