Exclusive: Publix Buys North Carolina Asset It Anchors
The company started purchasing such properties in 2023.
Publix has purchased Weaverville Plaza, a 133,965-square-foot retail asset in Weaverville, N.C., according to Yardi Matrix information. East Coast Acquisitions sold the property after six years of ownership for $30.5 million or $227 per square foot.
East Coast Acquisitions had bought the shopping center in February 2020 from MAB American for $23.5 million or $175 per square foot. A 10-year, $17.5 million loan issued by Franklin BSP Realty Trust had financed that purchase.
Completed in 1987 at 129 Weaver Blvd., Weaverville Plaza consists of two single-story buildings and five outparcels across a 16-acre site.
Publix anchors the property with a 49,000-square-foot store that opened in 2017. The tenant roster also includes Big Lots, Subway, Little Caesars, Workout Anytime and Starbucks, among others.
Just off Interstate 26, the property is 10 miles north of downtown Asheville, N.C., along a dense retail corridor. Other major thoroughfares in the area include U.S. Route 70 and North Carolina State Route 251.
From tenant to owner
Publix has started purchasing properties it anchors in 2023. In another recent transaction, the company paid $85 million for the 137,780-square-foot Polo Club Shops shopping center in Boca Raton, Fla., Commercial Observer wrote at the time. This shift from tenant to owner enables retailers to gain more control.
Another company capitalizing on this retail trend is Walmart. Last week, the firm purchased the 220,000-square-foot building it occupies at Republic Plaza in Farmingdale, N.Y., for $48 million.
You must be logged in to post a comment.