Boaters are one step closer to getting a waterfront Publix they can access via boat.
Albert Benalloun, a principal at Miami Beach-based TransAmerican Development Corp., closed on the property at 3100 Ocean Drive in Hollywood for $4.75 million, he said. Hollywood 3100 LLC, which is tied to Carlos Tarrab of North Miami Beach, sold the vacant lot.
Benalloun will lease the three-story store to Publix. He expects construction to start in the third quarter of 2020 and the project to cost about $18 million. The property will include a dock where boaters can park their boats and go grocery shopping.
The 50,095-square-foot property is situated in front of high-rise condo buildings in an area that is seeing an influx of new development, including Margaritaville Hollywood Beach Resort, a 349-room, 17-story resort at 1111 North Ocean Drive. Also nearby is Brookfield Properties’ 1,000-room Diplomat at 3555 South Ocean Drive, one of the largest hotels in South Florida.
The Publix site last traded for $2.3 million in 2012, records show.
A spokesperson for Publix did not immediately return a request for comment.
Publix-anchored shopping centers are highly valued by real estate investors because the popular grocery store chain brings consistent traffic. Over the past few years, Publix has been buying up retail centers to become its own landlord.
TransAmerican Development focuses on retail and multifamily properties in South Florida. The company paid $13.4 million to acquire a North Miami Beach property at 16375 Biscayne Boulevard where it plans to build a 2-acre mixed development project.