Polk County: Phillips Edison Grocery REIT buys Lake Wales CVS Pharmacy building

BUYER: Lake Wales Station LLC, Cincinnati, Ohio
SELLER: Cole CV Lake Wales LLC
PROPERTY: 500 11th St. S., Lake Wales
PRICE: $3.5 million
PREVIOUS PRICE: $3.18 million, November 2010
LAW FIRM ON DEED: Kutak Rock LLP, Scottsdale, Ariz.

PLANS, DESCRIPTION:
The Phillips Edison Grocery Center REIT II Inc. purchased an 11,200-square-foot drugstore for $3.5 million.

The price equated to $313 per square foot. That figure is higher than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.