A Cincinnati-based company has purchased a large mixed-use development near the bayfront housing a Publix for $11.3 million.
Phillips Edison-ARC Shopping Center REIT bought the commercial portion of the Broadway Promenade, which is located at the intersection of Cocoanut Avenue and 10th Street, across the street from the Van Wezel Performing Arts Hall.
Built in 2007, Publix occupies most of the 53,375-square-foot commercial space in the center with a 29,000-square-foot lease.
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., which purchased it from developer Ram Realty Services in late 2011 for $8.15 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. 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 press time. The company is a public, non-traded real estate investment trust that invests in retail real estate. All of 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.