Phillips Edison-ARC buys Broadway Promenade commercial portion

BUYER: Broadway Promenade Station LLC, Cincinnati
SELLER: Broadway Sarasota LLC
PROPERTY: 1044 and 1058 N. Tamiami Trail and 1268 11th St., units 1114, 2102, 2103 and 2104, Sarasota
PRICE: $11.33 million
PREVIOUS PRICE: $8.15 million, September 2011
LAW FIRM ON DEED: Tucker Ellis LLP, Cleveland

PLANS, DESCRIPTION:
Cincinnati-based Phillips Edison-ARC Shopping Center REIT purchased the commercial portion of the Broadway Promenade mixed-use development for $11.33 million.

The price equated to $212 per square foot. That figure is more than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

Built in 2007, the vast majority of the 53,375-square-foot commercial space in the center is occupied by Publix, which leases nearly 29,000 square feet. The project included additional retail rental space and 15,283 square feet of retail and 4,104 square feet of office condominium space.

The property was previously owned by an affiliate of Stoltz Management Co.

Dennis Carson and Casey Rosen of CBRE's Miami office handled the sale.

The overall occupancy was 90% at the time sale, according to CBRE, and 98% of the retail space was occupied. However, the office condominium component was completely vacant.

Phillips Edison-ARC had not returned a request for comment as of deadline. The company is a public non-traded real estate investment trust that invests in retail. All its properties are managed by Phillips Edison & Co. Phillips Edison-ARC already owns the Heron Creek Towne Center in North Port and Publix at Northridge in Sarasota.