Publix center in Palm Beach Gardens fetches $49 million

Greg Lovett / The Palm Beach Post

The Publix-anchored Promenade Plaza in Palm Beach Gardens just changed hands for $49.25 million, and the buyer isn’t Publix.

According to a deed, an affiliate of the Lone Star Funds of Dallas sold the 205,189-square-foot center at 9852 Alternate A1A to TH Real Estate, an affiliate of Teachers Insurance and Annuity Association of America.

TH Real Estate says the property is 97 percent occupied. Tenants include Bealls Outlet, Planet Fitness and CVS. The center was built in 1972 and redeveloped in 2015.

Over the past decade, Publix has pursued a clear strategy of snapping up centers where it leases space.

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