The cap rate was not disclosed. But Edward Kearney, managing director of Sperry Van Ness in Palm Beach Gardens, tells Globest.com Publix-anchored centers are selling at low cap rates to investors looking for income.

“Low cap rates are a little risky in this market,” Kearney says. “If you lose a couple of tenants, there goes your yield. But there just isn’t that much product out there and these properties are attractive to cash buyers. If buyers have to fund these types of deals with loans it probably wouldn’t make much sense.”

The X factor in the deal is the Blockbuster space. Blockbuster filed for bankruptcy in September and store closings are likely. If Blockbuster closes its Southdale Shopping Center location, the new owner suddenly loses a long-term tenant. But that might not be an altogether bad development in what is a highly stable asset insulated from new construction risk in an infill location.

“Blockbuster has probably been there for many years at a very low lease rate,” Kearney says. “Blockbuster was considered a very high credit tenant when Wayne Huizenga owned it. If Blockbuster goes out, the new owners probably have an opportunity to get a little bit higher rental rate. That may have factored into the price they paid.”