CINCINNATI–(BUSINESS WIRE)–Phillips Edison Grocery Center REIT II, Inc. (the “Company”) today announced the strategic acquisitions of a grocery-anchored shopping center in Ohio.
The Company acquired the 67,280 square-foot Lakewood City Center in Lakewood, Ohio, a suburb approximately six miles west of Cleveland. The shopping center is located at what is considered the heart of Lakewood at the “Main Street District.” Anchored by a 39,400 square foot Marc’s grocery store, the No. 2 grocer in the Cleveland area, Lakewood City Center features key national and regional tenants including Gamestop, Best Cuts, Pet Supplies Plus, the UPS Store, Boston Market, Marco’s Pizza, Ace Cash Express, T-Mobile, Palm Beach Tan, and Chipotle Mexican Grill.
The Company’s sponsor, Phillips Edison & Company, maintains a robust acquisitions pipeline managed by a national, in-house team of highly experienced commercial real estate professionals. This team focuses on identifying opportunities to acquire high quality grocery-anchored shopping centers diversified by grocer, geography, tenancy, lease expirations and creditworthiness.
About Phillips Edison Grocery Center REIT II, Inc.
Phillips Edison Grocery Center REIT II, Inc. is a public non-traded real estate investment trust that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. As of March 31, 2016, the Company owned and managed an institutional quality retail portfolio consisting of 64 grocery-anchored shopping centers totaling approximately 7.4 million square feet of gross leasable area. For more information on the Company, please visit the Company’s website at www.grocerycenterREIT2.com.
This press release contains forward-looking statements about our business, including, in particular, statements about our plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. You should not rely on these forward-looking statements because the matters they describe are subject to the factors detailed under Risk Factors in our most recent Form 10-K and subsequent Forms 10-Q on file with the Securities and Exchange Commission as well as other known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements.