Commercial Real Estate, Capital, Insurance, Leasing & Management

Publix joining Palencia center

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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.

Franklin Street and Cape Asset Management announced Wednesday 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 start in early 2017 and be complete by 2018.

Katy Figg with Franklin Street is the exclusive leasing broker for Palencia Commons, which is managed by Cape Asset Management.

Also, Franklin Street and Cape Asset Management said the center would be renovated and will add 16,800 square feet of space.

Workout Anytime and Broad River Tavern will open in the additional shops.

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

Palencia Commons was built in 2008 and will be 90 percent occupied with the addition of Publix, but not including the new space.

Palencia is a 2,350-acre community with home sites, a golf course, clubhouse, parks, trails and open areas.

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