Related Ross, a real estate firm led by Miami Dolphins owner Stephen Ross, has acquired a nearly 3-acre development site in West Palm Beach. The property, located at 209 and 210 North Sapodilla Avenue and 755 Second Street, was purchased from the Florida Public Utilities Company for $7.5 million.
The newly acquired parcels are adjacent to a planned Publix grocery store. Related Ross already owns nearby properties at 605 and 621 Banyan Boulevard, which are included in the proposed Publix project. According to the South Florida Business Journal, the planned Publix will occupy more than 47,200 square feet. In November, West Palm Beach officials designated the 1.7-acre site as “surplus property” and approved negotiations to sell it to Publix.
Miami-based Alleguez Architecture is responsible for designing the grocery store’s plan.
It is not yet known what Related Ross intends to develop on its newly purchased parcels near the future Publix location. Stephen Ross has previously advocated for increased economic development in West Palm Beach.
Investor interest in South Florida’s grocery-anchored retail centers remains high due to strong demand and historically low retail vacancy rates in the region. For example, Longpoint, based in Boston, acquired Miramar Parkway Plaza—anchored by Presidente Supermarket—for $34 million in July. Another major transaction occurred when Atlanta-based Invesco bought Marketplace at the Outlets at 1821 Palm Beach Lakes Boulevard from Barry Sternlicht’s Starwood for $133.2 million earlier this summer.
Grocery-anchored shopping centers continue to be favored assets because they generate steady customer traffic and stable rental income even as broader retail trends fluctuate.
Publix itself is expanding its real estate holdings by acquiring additional shopping centers anchored by its stores; since May, Publix has spent $248.5 million purchasing six such centers across South Florida’s tri-county area.
