Jaffe Corp., of Ormond Beach, Fla., has bought its third shopping center in the Daytona Beach area for $20 million. The 234,045-square-foot shopping center includes tenants such as Publix, Bealls, Ross Dress for Less, Dollar Tree, GNC and Hallmark.
Food retailers are responding to the economy by slashing prices and trying to give shoppers incentives, but Publix is planning for expansion, according to reports. The chain soon will close on the purchase of 49 Albertsons stores in Florida and has plans to open seven new stores in the state over the next 18 months.
CBL & Associates Properties is working on plans to fill the vacancies that may be left by Steve & Barry's, which recently went bankrupt, and other retailers. Strategies include subdividing the space, or finding junior anchors or temporary tenants.