Albertson's Sells Four Properties for Estimated $16.6 Mil

MIAMI-As a result of an earlier announcement to close 165 under-performing stores, Albertson’s is selling three Miami-area stores and one undeveloped store site.

Publix Super Markets is purchasing the store at 7805 W. 40th St. (53,000 sf) and the undeveloped site (size undisclosed) at the intersection of Menores Ave. and 37th Ave. for an undisclosed sum.

Sedano’s, a Miami-based Cuban grocery chain, has acquired the two stores located at 14655 S.W. 56th Street (53,000 sf) and 831 N.E. 8th Street (60,000 sf), also for an undisclosed sum.

Albertson’s declined to provide financial details of the transactions, but according to a recent market report from Marcus & Millichap, retail properties in South Florida are trading at more than $100 per sf on average. That would put a value of about $16.6 million on the total 166,000 sf in the three stores.

Despite the divestitures, Albertson’s insists it remains committed to the Florida market. This year, the company invested $100 million throughout the state in new store construction and remodels. An estimated investment of $125 million is planned for 2002.

Albertson’s, based in Boise, ID, is one of the world’s largest food and drug retailers, with annual revenues of $37 billion.

Lakeland-based Publix is owned and operated by its more than 125,500 employees, with 2000 sales of $14.6 billion. Publix has 675 stores in Florida, Georgia, South Carolina and Alabama.