MIAMI—Madison International Realty and DDR sold a portfolio of nine Publix anchored shopping centers to the retail giant. The portfolio consists of 732,000 square feet of owned GLA with eight assets located in Florida and one in Georgia. The sale price was not disclosed.
“We continue to place great emphasis on our strategic partnership with DDR and our venture's proven ability to execute its business plan,” says Ronald M. Dickerman, Madison's founder and president. “We have now achieved many of our operational milestones as well as dispositions of the portfolio.”
In 2017, Madison and DDR announced a $1.05 billion recapitalization of the shopping center portfolio, which consisted originally of 52 grocery-anchored centers. Following this transaction, DDRM Properties will have 43 assets consisting of 6.3 million square feet located primarily in the Southeast US.
“Publix has and will continue to be the dominant grocer in South Florida,” Justin Berryman, director of Retail Leasing and Aniley Perez associate of Retail Leasing, at Franklin Street of Miami. “Discount grocers such as Aldi, along with specialty AND gourmet chains like Whole Foods Market—and its new Whole Foods 365 smaller-store concept—and Sprouts are making a push to expand into the market.”
The list of shopping centers are:
- Paraiso Plaza – 3300-3350 W 80th St Hialeah, FL
- Crystal Springs – 6760 W Gulf To Lake Hwy Crystal River, FL
- Lakewood Ranch Plaza – 1755 Lakewood Ranch Blvd Bradenton, FL
- Shoppes at Lake Dow – 900-938 Keys Rd McDonough, GA
- Plaza Del Paraiso – 12100 SW 127th Ave Miami, FL
- Shoppes at Lithia – 3461 Lithia Pinecrest Rd Valrico, FL
- Southwood Village – 3551 Blair Stone Rd Tallahassee, FL
- Shoppes of Citrus Hill – 2601 N Forest Ridge Blvd Hernando, FL
- Bardmoor Promenade – 10801 Starkey Rd Largo, FL
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