CINCINNATI, OH—Phillips Edison Grocery Center REIT II, Inc. has acquired two grocery-anchored shopping centers, expanding the company's portfolio in Texas and California.
Plano Market Street is a 169,624 square foot grocery store-anchored shopping center in Plano, TX, a suburb of Dallas. The center is anchored by Market Street. Market Street's parent is United Supermarkets, an Albertson's subsidiary. The center also features national tenants World of Beer, Tony & Guy, Medi Weight Loss Clinic and the Little Gym.
West Acres Shopping Center is an 83,414 square foot grocery store-anchored shopping center in Fresno, CA, the fifth largest city in the state. The center is anchored by a Food Maxx grocery store. Food Maxx is a banner of Save Mart, a private chain of supermarkets that owns and operates more than 240 stores in Northern and Central California, and Northern Nevada under the Save Mart, S-Mart Foods, Lucky, Food Maxx and Maxx Value banners. West Acres Shopping Center also features national tenants Best Cuts, Little Caesars and Atlas Healthcare.
The REIT'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 centers diversified by grocer, geography, tenancy, lease expirations and creditworthiness.
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 August 5, the REIT owned and managed an institutional quality retail portfolio consisting of 37 grocery-anchored shopping centers totaling 4.1 million square feet of gross leasable area.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
