Cincinnati's Phillips Edison buys Lutz Lake Crossing

BUYER: Lutz Lake Station LLC (Phillips Edison Arc Shopping Center Operating Partnership LP), Cincinnati
SELLER: IRT Capital Corp. II
PROPERTY: 19211 and 19255 N. Dale Mabry Highway, Lutz
PRICE: $10.55 million
PREVIOUS PRICE: $3 million, August 2000 and $937,500, July 2001
LAW FIRM ON DEED: Robinson Bradshaw and Hinson, Charlotte, N.C.

PLANS, DESCRIPTION: Cincinnati-based Phillips Edison-ARC Shopping Center REIT Inc. purchased the 64,986-square-foot Lutz Lake Crossing neighborhood shopping center for $10.55 million.

The price equated to $162 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Anchored by a 44,270-square-foot Publix grocery store, the retail center was 86% occupied at the time of the sale. Other tenants include Jan's Wine and Boos, Subway, The UPS Store, Majik Touch Cleaners, Allure's Nails & Spa, Capri Pizza & Pasta, Great Clips and Rice N Roll.

The property was purchased from Equity One Inc. along with the 72,590-square-foot Publix at Seven Hills shopping center.

These acquisitions bring the real estate investment trust's total portfolio to 39 properties in 16 states, with an aggregate purchase price of $486.3 million.

The purchase entity Lutz Lake Station LLC mortgaged the Lutz Lake Crossing property to KeyBank National Association for $10.75 million.