Commercial Real Estate, Capital, Insurance, Leasing & Management

Food notes

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Franklin Street and Cape Asset Management arranged a 20-year lease with Publix to become the anchor of the Palencia Commons shopping center in St. Augustine.

The St. Johns River Water Management District is reviewing plans for redevelopment of Palencia Commons Shopping Center in St. Johns County to include a Publix Super Markets Inc. store.

The 8.44-acre property at U.S. 1 south of Palencia Village Drive will be redeveloped to include a 45,600-square-foot grocery store and 27,360 square feet of retail shops and restaurants.

While the plans did not specify Publix, Franklin Street and Cape Asset Management announced in late 2016 that Publix executed a 20-year lease to anchor Palencia Commons at 7458 U.S. 1 N. in St. Augustine, at the entrance to the Palencia development.

The 45,600-square-foot Publix will be the first grocery store tenant there since Food Lion closed in 2012. The Publix space will be completely redeveloped within the center. It is expected the build-out could be complete by 2018.

Construction plans filed with the district say the first phase will include the grocery store and 10,480-square-feet of shops. The second phase of 16,880 square feet will add more shops and restaurants.

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