LAKEWOOD RANCH -- Lakeland-based Publix Supermarkets has purchased one of two Lakewood Ranch mall properties where it has long leased store space from one of the largest privately owned commercial property holders in the United States.
On Oct. 30, Publix purchased the Lakewood Walk Shopping Center at 11215 E. State Road 70 for $26.3 million. According to Manatee County property records, the grocer assumed a $14.2 million mortgage on the property in the purchase deal.
The seller, North American Properties of Cincinnati, built Lakewood Walk in 2007. The company also owns a Publix-anchored mall, Lakewood Ranch Town Center, on University Parkway at 8330 Market St. That center was built in 2000, according to county records.
North American owns $4 billion in property throughout the eastern U.S. and the Midwest, according to its website. It has other properties in Florida, including a Publix-anchored center at 8300 Bee Ridge Road in Sarasota. The company is also a Publix landlord in Bonita Springs, Lithia and Palm Coast.
With the purchase, Publix acquires about 18.7 acres of commercial land on the northwest corner of the intersection of State Road 70 and Lakewood Ranch Boulevard. On the property is more than 84,000 square feet of retail space. The sale includes the Lakewood Walk center and three outparcels.
The deal marks the third shopping center sale on State Road 70 east of Interstate 70 in the Lakewood Ranch area this year.
On Oct. 24, Colterra Capital of Montreal bought the 10.6-acre center Ranch Lake Plaza for $11.6 million, just four months after the nearby River Club Plaza sold to an Orlando buyer for $7.35 million.
Lakewood Walk tenants include Truman's Restaurant, Smoothie King and Westshore Pizza, according to North American's website.
Outparcel tenants include Sun Trust Bank, Fifth Third Bank, Wells Fargo Bank and a Chevron gas station.