Invesco Sells Publix-Anchored Property for $90M After Nearly 35 Years

Invesco has unloaded a Publix-anchored shopping center in Boca Raton, Fla., for $90.3 million, after nearly 35 years of ownership, property records show.

Urban Edge Properties purchased the asset called Woodfield Plaza, a 142,893-square-foot property at 3003 West Yamato Road, near the intersection with Jog Road and about a mile from Woodfield Country Club.

Along with the 42,112-square-foot Publix grocery store, tenants include Walgreens, Toojay’s, Dunkin’, Chase, Vinny’s Cafe and 16 Handles.

The sale excludes a Chevron gas station and two retail bank buildings: one spanning 5,346 square feet leased to Citibank and another one spanning 3,398 square feet leased to Wells Fargo.

Dallas-based Invesco purchased the 14.6-acre retail center for $20.6 million in 1993, a year after it was completed, according to records.

The purchase appears to be the first acquisition in South Florida for Urban Edge, a New York-based company whose portfolio is mostly confined to the Northeast.

Demand for grocery-anchored real estate has surged in recent years as the pandemic has subsided, thanks to its steady rental income and consumer base.

In July, Kimco Realty dropped $109 million to buy two centers in Broward County. Publix itself has also been on a shopping spree. Since 2022, it has spent hundreds of millions to buy properties it anchors, and now owns more than 38 percent of its stores. Just this month, the Lakeland-based company paid $83.3 million for a 204,740-square-foot plaza in Miami.

Representatives for Invesco and Urban Edge did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.