POMPTON PLAINS, NJ—Phillips Edison Grocery Center REIT II has acquired Plaza 23, a 161,000-square-foot, grocery-anchored shopping center located in the Morris County community of Pompton Plains, NJ, for $51 million.
Holliday Fenoglio Fowler marketed the property on behalf of the seller, who was not identified. Phillips Edison purchased the asset free and clear of existing debt. Phillips Edison 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.
Anchored by Stop & Shop, Plaza 23 is the only grocery-anchored shopping center in Pompton Plains. The center is also home to national and regional tenants, including T.J. Maxx, HomeGoods, GNC, Moe's Southwest Grill, Sally Beauty Supply and others. Smashburger will also be opening soon. The property has a potential pad development site on its 18.76 acres.
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