Related Ross, a firm led by Miami Dolphins owner Stephen Ross, has acquired a nearly 3-acre development site in West Palm Beach for $7.5 million. The property is located at 209 and 210 North Sapodilla Avenue and 755 Second Street, purchased from the Florida Public Utilities Company.
The new acquisition sits adjacent to a planned Publix grocery store. Related Ross already owns additional parcels at 605 and 621 Banyan Boulevard that are part of the future Publix project, according to the South Florida Business Journal.
The planned Publix location will span more than 47,200 square feet. In November, West Palm Beach officials declared the 1.7-acre site as surplus property and approved negotiations to sell the land to Publix for its development. Miami-based Alleguez Architecture designed the store’s plan.
It remains unclear what Related Ross plans for the newly acquired parcels near the upcoming Publix. However, Stephen Ross has previously advocated for increased economic development in West Palm Beach.
Investor interest in grocery-anchored retail centers continues to grow in South Florida due to strong demand and historically low retail vacancy rates. Recent significant transactions include Longpoint’s $34 million purchase of Miramar Parkway Plaza anchored by Presidente Supermarket, and Invesco’s $133.2 million acquisition of Marketplace at the Outlets from Starwood this summer.
Grocery-anchored centers remain attractive because they generate steady foot traffic and stable rental income, making them resilient assets amid changes in retail trends.
Publix is also expanding its presence by acquiring properties where it is an anchor tenant. Since May, Publix has spent $248.5 million on six shopping centers anchored by its stores across South Florida’s tri-county area.
