ECHO Realty pays $20M for Shoppes at Price Crossings

BUYER: Echo Price Crossing LLC (Echo Portfolio II L.P), Pittsburgh
SELLER: Pacolet Milliken Enterprises Inc.
PROPERTY: 1085 and 1251 S. Toledo Blade Blvd., North Port
PRICE: $20 million
PREVIOUS PRICE: $14.13 million, June 2012

PLANS, DESCRIPTION:
ECHO Realty purchased the 72,301-square-foot The Shoppes at Price Crossings for $20 million.

The price equated to $277 per square foot.

The 11.7-acre property features two strip center buildings that were both constructed in 2007. The center is anchored by a Publix grocery store. It had a single vacancy at the time of the sale.

The purchase was done as part of ECHO Realty's acquisition of a portfolio of eight grocery anchored retail centers across the Southeast. The portfolio included five Harris Teeters-anchored centers and two other Publix-anchored centers: Partin Village in Kissimmee and Riverwood Town Center in Evans, Ga.

The eight-center portfolio adds more than 500,000 square feet to ECHO Realty's shopping center inventory.