Investment group buys Sweetbay shopping center

BUYER: Inland Diversified/Vlass Temple Terrace JV LLC, Oak Brook, Ill.

SELLER: Vlass Temple Terrace LLC

PROPERTY: a portion along the 8000 block of South 56th Street and Bullard Parkway, Temple Terrace

PRICE: $1.86 million

LAW FIRM ON DEED: Hartman Simons & Wood LLP, Atlanta

PLANS, DESCRIPTION: A real estate investment group purchased a 95,000-square-foot retail center for $1.86 million.

The price equated to $20 per square foot.

The buyer, Inland Diversified/Vlass Temple Terrace JV LLC, is a joint venture of Inland Diversified Real Estate Trust Inc., the Vlass Group , MJ Lant Developments Inc. and MTS Advisors Inc.

The Sweetbay-anchored center is part of a larger multi-phase development project in downtown Temple Terrace. The developers plan to build a town center with restaurants, shops, residences and government and cultural buildings.

The center houses the Masque Community Theatre of Temple Terrace, in addition to the 46,000-square-foot Sweetbay. But the partnership plans to demolish the interiors of the existing buildings, except for Sweetbay. It will then redevelop the center's interiors and roofs.

Inland Diversified focuses on acquiring and developing commercial real estate in the United States and Canada. It's part of the Oak Brook, Ill.-based The Inland Real Estate Group of Cos. Inc.