BUYER: Northridge Station LLC (PECO-ARC Institutional REIT LLC), Cincinnati
SELLER: Northridge Investment LLC
PROPERTY: 5100 and 5150 Clark Road, Sarasota
PRICE: $11.6 million
PREVIOUS PRICE: $15.96 million, March 2004
LAW FIRM ON DEED: Honigman Miller Schwartz and Cohn LLP, Bloomfield Hills, Mich.
PLANS, DESCRIPTION: Phillips Edison-ARC Shopping Center REIT Inc.'s joint venture, PECO-ARC Institutional Joint Venture I LP, purchased the 65,320-square-foot Publix at Northridge for $11.6 million.
The price equated to $178 per square foot.
As its name suggests, the center is anchored by a 44,840-square-foot Publix grocery store along with a number of smaller tenants. Publix has a long-term lease on the property through December 2023. The center was 84.1% occupied at the time of the sale.
Located at the corner of Clark Road and Honore Avenue, the development is the main grocery-anchored center for Palmer Ranch.
“The [real estate investment trust] does not target real estate by geography; it looks for the No. 1 or No. 2 grocery in each market,” says Tony DeFazio, a spokesperson for Phillips Edison-ARC. “Based on the current condition of Publix at Northridge, the company does not believe that it will be necessary to make significant renovations to the property.”
Cincinnati-based Phillips Edison-ARC is a public non-traded real estate investment trust focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers. The firm, co-sponsored by the Phillips Edison & Co. and AR Capital LLC, now owns a total of 19 centers.