A Publix-anchored Pinellas County shopping center has been sold – to Publix.

Cushman & Wakefield's Southeast Capital Markets Group team sold Madeira Shopping Center on behalf of Madeira Beach CRP LLC, an affiliate of Ram Development Company of Palm Beach Gardens.

The purchase price was $7.9 million, according to a release.

Publix is a long-term tenant of the center and has operated a 39,667-square-foot store that has been there for decades. Originally developed in 1957 and substantially renovated in 1999, Madeira Shopping Center is 80,167 square feet. Other tenants include Walgreens and McDonald's.

The property is located at the intersection of Duhme Road and the Welch Causeway (a/k/a Tom Stuart Causeway) in Madeira Beach.

Mark Gilbert, executive vice president, Adam Feinstein, executive director, Eric Williams, senior Financial Analyst, and Mitchell Halpern, financial analyst, of Cushman & Wakefield's Miami office, marketed and executed the sale assignment.

Ram decided to sell in order to take advantage of the strong demand in the market for high quality, grocery-anchored centers, the release said.

"With its strong tenant mix and infill location in a barrier island community, the center received strong interest from a number of investors along with Publix, which was motivated by a desire to control its tenancy at the property where they might one day construct a new store,” said Feinstein in a prepared statement.

Publix' strategic decision to purchase the center provides the grocer with flexibility to complete a future expansion of the existing store or development of a prototype, freestanding Publix on the site, the broker said.

Broker C&W's Southeast Capital Markets Group is comprised of three regional teams, and also includes Mike Davis in Tampa, and David Meline and Stewart Calhoun in Atlanta.