Kevin Murphy Of Publix Acquires 2.3 Acre Development Site From Stephen Ross In West Palm Beach

A 2.3-acre development site located at 210 North Sapodilla Avenue, 606–622 Second Street, 248–252 North Rosemary Avenue & 605–621 Banyan Boulevard in West Palm Beach is under contract. The site has a buildable square footage (BSF) of 40,000 and is intended for the development of a grocery store with covered parking.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: Not disclosed
• Buyer: Kevin Murphy - Publix
• Seller: Stephen Ross - Related Ross
• Acres: 2.3
• Additional Acreage Acquisition: 0.8 acres from the City of West Palm Beach for approximately $3.5 million
• Operating Requirement: Store to operate on the site for at least 15 years

The deal involves CEO Kevin Murphy representing Publix in the purchase from billionaire Steve Ross, who heads Related Ross. This acquisition is strategic for Publix as it seeks to establish a significant grocery footprint in downtown West Palm Beach.