Commercial Real Estate, Capital, Insurance, Leasing & Management

Publix coming to Palencia

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Franklin Street and Cape Asset Management announce that Publix has executed a 20-year lease to become the anchor of the Palencia Commons shopping center at the entrance of the Palencia neighborhood.

Publix has signed a 20-year lease to anchor the Palencia Commons shopping center, giving the community its first full-service neighborhood supermarket since the Food Lion closed in 2012.

The new 45,600 square-foot supermarket will anchor the expanded shopping center located on U.S. 1 at the entrance to the master-planned community. Palencia Commons will add 16,800 square feet of available space and include two new tenants: Workout Anytime, a 4,500 square-foot fitness facility; and Broad River Tavern, a 3,600 square-foot restaurant.

Build-out for the new Publix is expected to start in early 2017 and be complete by 2018.

“Palencia residents and nearby retailers have expressed the need and desire to have another grocery store anchor here in the center,” said Katy Figg, senior director of retail leasing for Franklin Street, which announced the lease agreement in conjunction with shopping center manager Cape Asset Management. “Publix has been asked for by name for many years and we’re proud to say we’ve been able to attract them to the center and take advantage of the growth in the Palencia area.”

According to a statement announcing the lease agreement, Franklin Street had worked to lease the center for the past 18 months, during which time other retailers came to the center.

“We know that a new Publix store will attract more attention and interest from regional and national retailers who benefit from being near a Publix,” Figg said. “We expect this announcement to not only please area residents but all the retailers in the area, especially those who have been awaiting a new anchor tenant.”

Currently, 4,000 square feet of adjoining retail is available at the center, with another 8,700 square feet available in the planned shop space.

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