Ohio REIT pays $25M for The Cypress retail center

BUYER: DFG-Tampa Cypress LLC, Whitehouse, Ohio
SELLER: Cypress Retail Holdings LLC
PROPERTY: 6431 E. County Line Road, Tampa
PRICE: $24.58 million
PREVIOUS PRICE: $1.5 million, May 1987

PLANS, DESCRIPTION:
The private real estate investment trust Devonshire REIT Inc. purchased the 111,228-square-foot The Cypress shopping center in Wesley Chapel for $24.58 million.

The price equated to $221 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.