Publix Super Markets Inc acquired 3.6 acres in Sarasota, FL, from The New York Times Co., where it plans to construct a new grocery store. The property currently contains a 57,477 square foot retail building, to be razed in late October.
The parcel is at the crossroads of South Tamiami Trail and Bay Street. The proposed grocery store is projected for completion in mid-2011. The two-story, 54,000 square-foot building is planned to have a ground floor parking garage and a second floor grocery store.
RMC Property Group and Ram Development Co. are co-developing the project. Both the buyer and the seller used in-house representation in the sale.
Please see CoStar COMPS #1771669 for more information on this transaction.