Milan Properties West LLC of Los Angeles paid seller-developer Shops at Lakeland Square LLC $3.44 million for the 100%-leased, 8,248-sf Shops at Lakeland Square. The six-month-old asset is located at the main entrance to the 900,000-sf Lakeland Square Regional Mall. Tampa Advantis executive directors Brad C. Luger and Larry Randolph rung up the $417.07-per-sf sale on the Lakeland property.

That deal trumped the $401.96-per-sf price recorded by the Pocklington Pocklington & Forster Retail Investment Group on Oct. 18, 2005, as GlobeSt.com previously reported.

Both high-priced properties were on the small physical side, as retail centers go, but commanded the record price because of their high stable rents and cash flows, brokers involved in the deals tell GlobeSt.com. The Lakeland transaction had a sales cap of 7%. Randolph says the $417.07-per-sf price is "the highest we have seen in this market."