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Grocery store REIT buys its second Publix-anchored asset in St. Cloud

Grocery store REIT buys its second Publix-anchored asset in St. Cloud
Phillips Edison & Company paid $14.6 million this week for this Publix-anchored shopping center on 13th Street in St. Cloud. (Osceola County Property Appraiser)

A Cincinnati-based grocery store REIT paid $14.6 million on Dec. 19 for its second Publix-anchored shopping center in St. Cloud.

The Phillips Edison & Company affiliate bought the 10-acre parcel at the corner of 13th Street (U.S.192) and Old Canoe Creek Road. The 75,000-square-foot plaza was built in 2003.

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Phillips Edison has been in an aggressive expansion mode with more than $2 billion in acquisitions over the last two years and a portfolio of more than 320 properties nationally.

Phillips Edison has zeroed in on Osceola County in recent years, buying Publix and Walmart-anchored shopping centers in Kissimmee and at ChampionsGate. In May the trust paid $12.3 million for Crosscreek Village Station in St. Cloud.

The firm also owns three Publix-anchored shopping centers on U.S.27 in Davenport and Clermont.

Two major shopping centers along St. Cloud's 13th Street retail hub have sold this month. The plaza anchored by Gold's Gym sold for $9.9 million, while the Publix-anchored center sold for $14.6 million a few weeks later.
Two major shopping centers along St. Cloud's 13th Street retail hub have sold this month. The plaza anchored by Gold's Gym sold for $9.9 million, while the Publix-anchored center sold for $14.6 million a few weeks later. (staff)

The seller was Kite Realty Group, an Indianapolis investment firm with its own retail and grocery store REIT.

The transaction was preceded by the sale earlier this month of an 88,520-square-foot shopping center a block away. On Dec. 7, an affiliate of local investor Nelson Ying bought the 27-year-old property for $9.9 million. That plaza, at 4401 13th Street, is anchored by Gold's Gym.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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