Phillips Edison Purchases 2 Shopping Centers in Tampa Bay Metro Area
- Apr 11, 2013
Phillips Edison-ARC Shopping Center REIT has shown a great deal of interest in metro Tampa properties this past week. It recently purchased two Publix-anchored grocery stores in the area.
The two new properties—Lutz Lake Crossing and Publix at Seven Hills—have brought the company’s portfolio to a total of 39 properties, with a portfolio aggregate purchase price of approximately $486.3 million. The company did not disclose the price of the recently-acquired properties.
Lutz Lake Crossing is a 64,986-square-foot shopping center located in Lutz, Fla., approximately 15 miles north of Tampa. The shopping center is anchored by a Publix grocery store, the No. 1 traditional grocer in the Tampa area by market share and is currently 86 percent occupied.
The other shopping center, Publix at Seven Hills, is a 72,590-square-foot shopping center located in Spring Hill, Fla. Anchored by a Publix store, the retail center is currently 91 percent leased.
Lutz Lake Crossing was not the sole Lutz retail property to trade these past days. Van Dyke Commons, a 139,347-square-foot retail center located at the intersection of Van Dyke Road and North Dale Mabry Highway, exchanged hands in a $30 million deal.
Buyer Prestige Properties & Development purchased the unencumbered property from seller iStar Financial Inc., which was represented in the transaction by Holliday Fenoglio Fowler’s Senior Managing Director Brad Peterson and Director Analyst Kim Flores.
“Van Dyke Commons was highly sought after by investors because it was located in a primarily institutionally-owned submarket. The population growth and income demographics in the surrounding area significantly outpace the Tampa metro-wide averages. However, what really captivated investors was the strong performance by each of the anchors, shop occupancy, retention rate and the huge volume of daily traffic to the property driven by LA Fitness,” commented Peterson.
Van Dyke Commons, located 15 miles northwest of downtown Tampa, is anchored by LA Fitness, HomeGoods, and GolfSmith. Built in 2007, the 100 percent-occupied retail center also includes a 0.88-acre undeveloped land parcel.
Image via Van Dyke Commons property brochure