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Phillips Edison Adds 600 KSF to Its REITs
August 24, 2017 | Barbra Murray | Commercial Property Executive
Phillips Edison & Co. has been on quite a shopping spree over the last few months. Acting on behalf of its two managed non-traded REITs, Phillips Edison Grocery Center REIT I and Phillips Edison Grocery Center REIT II, the shopping center developer and operator recently wrapped up a series of deals resulting in the acquisition of six grocery-anchored retail properties accounting for an aggregate 600,000 square feet.
“Our highly experienced team of acquisitions professionals has been very busy this summer sourcing and closing high-quality grocery-anchored shopping properties. These recent acquisitions continue to support our strategy to diversify by geography, grocery anchor, and tenant type and industry,” David Wik, senior vice president of acquisitions with Phillips Edison & Co., said in a prepared statement.
Phillips Edison picked up two assets in Southern California, the 92,200-square-foot Riverlakes Village in Bakersfield, and the 110,000-square-foot Sierra del Oro Towne Center in Corona. In Florida, the company snapped up St. John’s Plaza in Titusville and Ormond Beach Mall in Ormond Beach, adding 117,500 square feet and 94,300 square feet, respectively, to the portfolio.
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