Publix Pays $78M for Palm Beach Retail Asset
The acquisition is part of the retailer's strategy of purchasing shopping centers it anchors.
Publix has acquired Fountains of Boynton, a 180,616-square-foot retail center in Boynton Beach, Fla., for $78 million, according to Palm Beach County public records. Union Investment Real Estate and Bolder Group sold the grocery-anchored property.
The transaction closed at a nearly 2 percent discount—or $1.5 million less—from the previous sale price. In 2021, Union Investment and Bolder paid $79.5 million for the asset.
Originally completed in 1995 and revitalized in 2017, the four-building property is at 6627 W. Boynton Beach Blvd., at one of the busiest intersections in the area.
READ ALSO: Rethinking the Map: The Rise of Tertiary Retail Markets
The property is close to a few distinct shopping plazas and retail hubs, including Canyon Town Center and Boynton Beach Mall. Downtown Boca Raton, Fla., is 13 miles away while downtown West Palm Beach, Fla., is within 19 miles.
Publix anchors the center with a 56,000-square-foot store. Other tenants include LA Fitness, UPS, Duffy’s and MD Now Urgent Care.
Building a Publix-anchored portfolio
The purchase is part of Publix’s ongoing buying spree involving shopping centers it anchors. Earlier this year, the company added another such asset to its southeastern portfolio, a 133,965-square-foot property in Weaverville, N.C.
A notable purchase was the $224 million deal involving a seven-property portfolio totaling 608,314 square feet. The assets are spread across six cities.
In Florida, Publix owns and operates 892 stores. Of the total, 25 stores are in West Palm Beach and comprise 1.9 million square feet of retail space, according to Yardi Matrix data.
Palm Beach County’s retail investment boom
Palm Beach County’s retail sector continued to record historic highs in early 2026, according to a recent Cushman & Wakefield report.
Investment generated more than $477.2 million in the first three months of the year—the strongest quarterly volume since 2022’s second quarter. Over the past 12 months, Palm Beach County recorded nearly $1.6 billion in deals—the highest volume in the past 10 years.
Retail vacancy fell to 3.8 percent at the end of March—a 10-basis-point decline from a year ago. A surge in new supply had pushed the rate up from the 3.1 percent value of 2023, but the market has since recorded three consecutive quarters of declining vacancy.
Average asking rents reached a new high at $38.54 per square foot—up 6.2 percent year-over-year. Rising demand from an influx of of high-income residents, corporate relocations and multifamily growth, supported by steady consumer spending, are the key drivers behind retail’s high demand. Limited new supply and sustained regional demand are expected to further support rent growth in Palm Beach County in the coming quarters.
You must be logged in to post a comment.