WEST PALM BEACH, FL—Atlanta-based real estate investment and management company Jamestown has acquired the Village Commons shopping center here and has plans to expand the Publix grocery store at the property.

Jamestown reportedly paid approximately $51 million for the 169,118-square-foot shopping center at 701-971 Village Blvd. The center, anchored by Publix, was 92% occupied at the time of the sale. Other notable tenants at the property include: Panera Bread, Cold Stone Creamery, Massage Envy, Edible Arrangements, Weight Watchers and Duffy's Sports Grill.

In conjunction with the acquisition, Jamestown plans to implement a $4.5-million capital improvement program, which will expand Publix to 45,600 square feet as part of a new 20-year lease. Other upgrades to the center will include improvements to the landscaping, lighting fixtures and the parking lot.