Phillips Edison-ARC buys Broadway Promenade commercial portion

BUYER: Broadway Promenade Station LLC, Cincinnati
SELLER: Broadway Sarasota LLC
PROPERTY: 1044 and 1058 N. Tamiami Trail and 1268 11th St., units 1114, 2102, 2103 and 2104, Sarasota
PRICE: $11.33 million
PREVIOUS PRICE: $8.15 million, September 2011
LAW FIRM ON DEED: Tucker Ellis LLP, Cleveland

PLANS, DESCRIPTION:
Cincinnati-based Phillips Edison-ARC Shopping Center REIT purchased the commercial portion of the Broadway Promenade mixed-use development for $11.33 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.