Cincinnati's Phillips Edison buys Lutz Lake Crossing

BUYER: Lutz Lake Station LLC (Phillips Edison Arc Shopping Center Operating Partnership LP), Cincinnati
SELLER: IRT Capital Corp. II
PROPERTY: 19211 and 19255 N. Dale Mabry Highway, Lutz
PRICE: $10.55 million
PREVIOUS PRICE: $3 million, August 2000 and $937,500, July 2001
LAW FIRM ON DEED: Robinson Bradshaw and Hinson, Charlotte, N.C.

PLANS, DESCRIPTION: Cincinnati-based Phillips Edison-ARC Shopping Center REIT Inc. purchased the 64,986-square-foot Lutz Lake Crossing neighborhood shopping center for $10.55 million.

The price equated to $162 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.