| Metric | Details |
|---|---|
| Entity / Legal Name | Publix Super Markets, Inc. |
| Ownership | Employee-owned (ESOP) — employees and Jenkins family since 1930 |
| S&P / Moody’s Rating | Not Rated (private employee-owned company) |
| Investment Grade Status | Private / Not Rated — Exceptional Financial Strength |
| Sector | Supermarket / Full-Service Grocery |
| US Store Count | 1,432 (as of Q1 2026) |
| Cap Rate Range | 5.25–6.25% |
| Typical Lease Term | 15–25 years (NNN or Ground Lease) |
| Guarantee Type | Corporate (Publix Super Markets, Inc.) |
| Geographic Focus | Florida (889), Georgia (221), Alabama (96), SC (74), TN (61), NC (61), VA (24), KY (6) |
| Annual Revenue | ~$60B+ (est., FY2024) |
| Typical Building Size | 45,000–55,000 SF |
| Typical Price Range | $8,000,000–$20,000,000 |
Publix Business Overview & NNN Investment Profile
Publix Super Markets is the crown jewel of private US grocery operators — an employee-owned, Lakeland, Florida-based supermarket chain that has grown from George W. Jenkins’ single store in Winter Haven, Florida in 1930 to 1,432 locations across eight Southeast states as of Q1 2026. Publix is wholly owned by its employees and the Jenkins family through one of the largest employee stock ownership plans (ESOPs) in the United States. The company has never had a layoff in its 95-year history. It has appeared on Fortune’s 100 Best Companies to Work For every year since the list’s inception in 1998 — one of only four companies to have achieved this in every year. Fortune ranked Publix #1 among World’s Most Admired Companies in the Food & Drug Stores sector in 2018.
Publix Financial Strength: The Case for Near-IG Cap Rates
Publix’s financial characteristics justify the 5.25% to 6.25% cap rate range that places it alongside investment-grade grocery operators. The company’s revenue of approximately $60 billion dwarfs most rated regional grocery chains — larger than Albertsons’ $79 billion but concentrated in far fewer states, meaning higher average revenue per store. Publix opened 43 new stores and remodeled 117 in 2024 alone, funded entirely from internal cash flow with a capital budget of approximately $2.5 billion — a level of reinvestment that reflects exceptional financial strength requiring no debt financing.
The Florida concentration is not a weakness but a competitive moat. Florida is the fastest-growing large state in the US, adding approximately 400,000 new residents annually. Publix’s dominance in Florida — 889 of 1,432 stores — means the company benefits from secular demographic tailwinds as the state’s population grows from 22 million toward 25 million over the next decade. New market expansion to Kentucky (2024) and continued North Carolina and Virginia growth signal that Publix’s expansion engine remains robust.
Publix’s NNN and Ground Lease Market
Publix is one of the most sought-after NNN grocery tenants in the Southeast market. The company’s anchor status drives traffic to entire shopping centers, making Publix-anchored retail among the most desirable retail real estate in Florida and the Southeast. For NNN investors, the question is rarely “is Publix a good tenant?” and almost always “can I find a Publix NNN at an acceptable price?”
Publix properties come to market through several channels: sale-leaseback transactions as Publix monetizes owned real estate, secondary sales by existing investors, and occasional new-development ground leases. Supply is consistently tighter than demand, which supports the tight cap rate range.
Publix NNN Cap Rate & Pricing
Publix NNN and ground lease properties trade at cap rates between 5.25% and 6.25% as of Q1 2026 — among the tightest in the unrated private grocery sector, reflecting the company’s exceptional financial strength and Southeast market dominance. Ground leases typically price 40 to 60 basis points tighter than fee-simple NNN. Florida and Georgia core market locations command the tightest spreads. North Carolina, Tennessee, and Virginia expansion markets price slightly wider. Acquisition prices range from $8,000,000 to $20,000,000 depending on market, format, and lease term. Florida locations in high-growth markets regularly trade at the upper end of this range.
Publix NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| ~$60B revenue, near-zero debt — exceptional financial strength | No public credit rating — requires independent financial evaluation |
| 95-year operating history, never a layoff | Supply is scarce — competition for quality properties is intense |
| Florida growth tailwind — +400K new residents per year | $8M–$20M price range limits individual investor accessibility |
| 5.25–6.25% cap rates reflect near-IG credit quality | Southeast concentration — limited to 8 states |
| Best 1031 exchange grocery target in the Southeast | Cap compression ongoing — tight pricing leaves limited yield upside |
Comparable NNN Tenants
| Comparable Tenant | Rating | Cap Rate Range |
|---|---|---|
| Kroger | BBB / Baa1 | 5.50–6.50% |
| Whole Foods / Amazon | AA / A1 | 4.50–5.50% |
| ALDI | Private / NR (Albrecht family) | 5.25–6.25% |
Is Publix investment grade?
Publix does not carry a published investment grade rating from S&P or Moody’s due to its private employee-owned structure. However, Publix’s financial characteristics — approximately $60 billion in revenue, near-zero debt, 95-year operating history, and dominant Southeast market position — support cap rate pricing consistent with investment-grade grocery operators. NNN analysts widely consider Publix one of the highest-quality unrated tenant credits in the market.
How many Publix stores are there?
Publix operates 1,432 stores as of Q1 2026, across Florida (889), Georgia (221), Alabama (96), South Carolina (74), Tennessee (61), North Carolina (61), Virginia (24), and Kentucky (6). Kentucky was added as the newest state in January 2024 with the Louisville opening.
What cap rates are Publix NNN properties trading at?
Publix NNN and ground lease properties trade at 5.25% to 6.25% as of Q1 2026 — among the tightest in the private grocery sector. Florida core market locations regularly trade at the tighter end. Acquisition prices typically range from $8,000,000 to $20,000,000. Supply is consistently scarcer than demand, supporting the tight cap rates.
Is Publix a good 1031 exchange replacement property?
Publix is one of the most popular 1031 exchange grocery targets in the Southeast market. The combination of near-IG credit quality, essential grocery anchor status, Florida growth market positioning, and long lease terms satisfies most 1031 replacement criteria. The challenge is supply scarcity — buyers should identify Publix targets before exchange deadlines trigger due to high competition for available properties.
The Only Publix NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker typically pays a cooperating commission to the buyer’s broker. On the majority of transactions, this means there is no separate fee to you as the buyer. Where a cooperating commission is not available, our compensation is agreed upon with you in advance so there are never surprises.
Find It — Publix NNN and ground lease properties are high-demand and low-supply. We source off-market and pre-market opportunities alongside listed inventory and move quickly when quality assets surface.
Fund It — Near-IG private grocery credit. Life companies and CMBS lenders price Publix aggressively — we find best execution across 150+ lender relationships.
Exit It — Selling a Publix property? Institutional demand is deep, consistent, and frequently multiple-offer. We run a focused, efficient process.
In a 1031 exchange looking for Publix? Start identifying before your exchange triggers — competition is intense for quality assets.
Get Your Free Publix NNN Consultation →
In a 1031 exchange with a deadline? Tell us your timeline — we move faster.
Related NNN Tenants
Own a Publix Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Publix NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Publix NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Publix properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Publix portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Publix buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
