Publix Acquires Boynton Shopping Plaza for $78 Million

Publix has acquired the Fountains of Boynton shopping center for $78 million, expanding its ownership of retail properties anchored by its own supermarkets across Florida. The Lakeland-based grocery chain purchased the 179,000-square-foot complex located at 6627 Boynton Beach Boulevard in unincorporated Palm Beach County from entities connected to Union Investment Real Estate and Bolder Group.

The transaction values the property at $436 per square foot and represents a slight discount from its previous sale price. Union Investment, the real estate investment division of Germany's DZ Bank Group, had acquired the shopping center for $79.5 million in 2021, making the current sale a $1.5 million reduction from that purchase price.

The Fountains of Boynton spans 21 acres and consists of five single-story buildings constructed between 1995 and 2020. Publix operates a nearly 57,000-square-foot supermarket within the plaza, while other tenants include LA Fitness, an urgent care facility, various restaurants, and beauty service providers. The property was previously part of Union Investment's UniImmo: Europa open-ended real estate fund portfolio.

This acquisition brings Publix's total shopping plaza purchases in Florida over the past two years to approximately $326.5 million, demonstrating the company's strategic focus on controlling the retail environments surrounding its stores. Under the leadership of Kevin Murphy, Publix has pursued an aggressive expansion and consolidation strategy in the state's retail property market.

In 2024 alone, the grocery chain completed several significant property acquisitions. The company paid $67 million for two Publix-anchored shopping centers in Lake Worth Beach and Royal Palm Beach, which formed part of a larger seven-property Florida purchase totaling $224 million. Additionally, Publix invested $58.5 million in a Coral Springs shopping center that also features one of its supermarkets as the anchor tenant.

The previous year saw Publix make another substantial investment when it acquired a North Miami property package for $40 million. That deal included one of its stores, a pharmacy, a strip mall, a four-story office building, and two outparcels, further diversifying its real estate holdings beyond traditional shopping centers.

By owning the retail properties where its supermarkets operate, Publix gains greater control over its operating costs, lease terms, and the overall shopping experience for its customers. This vertical integration strategy also provides the company with valuable real estate assets that can appreciate over time while supporting its core grocery business operations.