Phillips Edison Grocery Center REIT II has acquired two grocery-anchored shopping centres, expanding the Company’s portfolio in Arizona and Florida.
51st and Olive Square is an 88,225 square foot grocery store-anchored shopping centre in Glendale, Arizona, a northwest suburb of Phoenix. The center is anchored by Fry’s Food and Drug grocery store, the number one grocer by market share in the Phoenix area. 51st and Olive Square also features key national tenants Leslie’s Poolmart, Papa Murphy’s and the UPS Store.
Grand Bay Plaza is a 77,792 square foot grocery store-anchored shopping centre in Fort Myers, Florida. The centre is anchored by Publix, the number one grocer by market share in the Fort Myers area. Grand Bay Plaza also features key national and regional tenants Sherwin Williams, First Choice Haircutters, Coast Dental and Subway.
The Company’s sponsor, Phillips Edison, has a robust acquisitions pipeline managed by a national, in-house acquisitions team from which it continues to source opportunities to acquire high quality grocery-anchored shopping centres diversified by grocer, geography, tenancy, lease expirations and creditworthiness.
Source: Property Funds World