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, located at 209 and 210 North Sapodilla Avenue and 755 Second Street, was purchased from the Florida Public Utilities Company.
This acquisition adds to Related Ross’s holdings in the area. The company already owns parcels at 605 and 621 Banyan Boulevard, which are part of the planned Publix grocery store project, according to reporting from the South Florida Business Journal.
The newly acquired site is situated north of where the Publix store is planned. City officials in West Palm Beach had previously declared the adjacent 1.7-acre site as “surplus property” and approved negotiations to sell it to Publix for development. The planned Publix location will span more than 47,200 square feet and was designed by Miami-based Alleguez Architecture.
It remains unclear what Related Ross plans to do with its new properties near the future grocery store. However, Stephen Ross has previously advocated for increased economic development in West Palm Beach.
The South Florida market for grocery-anchored retail centers continues to attract investors due to strong demand and low retail vacancy rates. Notable recent transactions include Longpoint’s $34 million purchase of Miramar Parkway Plaza in July and Invesco’s $133.2 million acquisition of Marketplace at the Outlets at 1821 Palm Beach Lakes Boulevard from Starwood earlier this year.
Retail vacancy rates in South Florida remain historically low, resulting in limited supply and high prices for well-located shopping centers. Grocery-anchored centers are especially attractive because they bring steady foot traffic and stable rents, making them resilient assets amid changes in the retail sector.
Publix is also expanding its presence by acquiring additional real estate; since May, it has spent $248.5 million on six Publix-anchored shopping centers across South Florida’s tri-county region.
