Updated Mar 6, 2026
Kevin Murphy Of Publix Acquires 2.3 Acre Development Site From Stephen Ross In West Palm Beach
210 North Sapodilla Avenue
$3,500,000
Building Size
—
Asset Type
Development Site
Closing
Mar 5, 2026
About this deal
AI
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.
On the Map
$3,500,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93