Phillips Edison-ARC REIT buys Kings Crossing

BUYER: Kings Crossing Station LLC, Cincinnati
SELLER: RC FL-King's Crossing LLC
PROPERTY: 4824-4886 Sun City Center Blvd. also known as 4874 Sun City Center, Sun City Center
PRICE: $14 million
PREVIOUS PRICE: $7.83 million, June 2001
LAW FIRM ON DEED: Rogers Towers PA, Jacksonville

PLANS, DESCRIPTION:
Phillips Edison-ARC Grocery Center REIT II Inc. purchased the 75,020-square-foot Kings Crossing shopping center for $14 million.

The price equated to $187 per square foot. That figure is higher than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

Located at the northwest corner of State Road 674 and U.S. 301, Kings Crossing is anchored by Publix and also houses Sally Beauty Supply, Subway, and The UPS Store among others. The single-building center was constructed in 2000.

“We acquired the center because of its strong real estate fundamentals and leading grocery anchor, Publix,” the company wrote in an email to the Business Observer. “We will continue to operate the property in order to provide the best shopping experience for our tenants' customers and currently do not have any renovation plans.”

Following the purchase, Phillips Edison-ARC owns and manages a total of eight retail properties. The real estate investment trust, which targets primarily grocery-anchored centers, is co-sponsored by Cincinnati-based retail company Phillips Edison & Co. and the Boston private equity real estate investing firm American Realty Capital.