Phillips Edison Picks Up Three Centers

CINCINNATI—As reported in GlobeSt.com, Phillips Edison Grocery Center REIT II, Inc. was one of the nation’s most active retail buyers last year. In the first three quarters of 2014, the Cincinnati-based company snapped up 48 retail centers across the US with an aggregate price of about $765 million, and it recently acquired three more centers located in New Mexico, Kansas and Minnesota.

Phillips Edison typically focuses attention on secondary markets that it predicts will experience solid growth over the next few years. This keeps it out of the intense competition and lower returns found in the core markets. One of the new purchases, for example, is Crossroads of Shakopee, a 140,949-square-foot grocery store-anchored shopping center in Shakopee, MN, a suburb of Minneapolis.