Like its predecessor, Fund II will focus on purchasing underperforming grocery-anchored strip centers and maximizing value through leasing, management and development strategies. The new fund has roughly $30 million in funding commitments. It has completed its first acquisition, a South Carolina center, and has two Texas properties under contract.
Fund I currently owns 14 strip centers comprising more than 1.8 million sf. The assets are located in Indiana, Mississippi, California, Kentucky, Texas, Florida, New Mexico and Virginia.
In total, Phillips Edison owns and operates 39 properties with more than 4.9 million sf located throughout the US. In addition to its Cincinnati headquarters, the firm has offices in Baltimore and Salt Lake City.
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