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.