Ohio REIT pays $25M for The Cypress retail center

BUYER: DFG-Tampa Cypress LLC, Whitehouse, Ohio
SELLER: Cypress Retail Holdings LLC
PROPERTY: 6431 E. County Line Road, Tampa
PRICE: $24.58 million
PREVIOUS PRICE: $1.5 million, May 1987

PLANS, DESCRIPTION:
The private real estate investment trust Devonshire REIT Inc. purchased the 111,228-square-foot The Cypress shopping center in Wesley Chapel for $24.58 million.

The price equated to $221 per square foot. That figure is higher than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.

Located at the southwest corner of Bruce B. Downs Boulevard and County Line Road, the four-building shopping center was constructed in 2009. It was 97.5% leased at the time of the sale. Anchors include Winn-Dixie and LA Fitness along with other tenants such as Five Guys Burgers and Fries, Scottrade, Nutrishop, Pita's Republic and Eye Doctor's Optical Outlets.
The seller was an affiliate of Ram Development Co.

Earlier this year, Devonshire REIT purchased another Winn-Dixie/ LA Fitness-anchored and Ram-owned retail property at 6431 E. County Line Road, Tampa for $24.6 million. In February, it purchased the Publix-anchored Twelve Oaks Shopping Center in Bradenton for $10.8 million.

“Extending our reach into Florida is a logical next step for Devonshire,” Mike Denman, executive vice president of real estate operations at Devonshire, says in a press release. “Our team has extensive experience in the area, and it lends geographic balance to our portfolio.”

Devonshire REIT specializes in grocery anchored shopping centers.

The purchase entity, DFG-Tampa Cypress LLC, obtained a mortgage on The Cypress property from The Huntington National Bank for $18.43 million.