OMAHA-The Phillips Edison Co. has sold the 101,130-square-foot Applewood Centre here for $9.3 million. Los-Angeles-based Westwood Financial purchased the 20-year-old retail center, which is at 96^th and Q streets on the south side of the city, for about $100,000 less than the asking price.

Ben Wineman with Mid America Real Estate Corp., who represented the seller, says the property is 98% leased, with the sale subject to the assumption of an existing Wells Fargo-serviced CMBS loan. The mortgage matures on April 11, 2013 and had a balance of about $5.4 million as of January 2010.

Tenants include the dominant grocer in the area, Hy-Vee, as well as specialty retailers such as Papa John’s, Great Clips and State Farm Insurance. The Hy-Vee generates sales volume in excess of $635 per square foot, Wineman says, and has a lease until late 2014. The projected net fiscal year 2011 income is $787,281.

“It’s a great retail market, with a strong overall economy for about half a million people, and not overdeveloped with retail properties,” Wineman tells GlobeSt.com. “This is further evidence of the uptick in pricing for strong, grocery-anchored assets in primary and secondary markets. Over the course of the past few months, we’ve seen continued strong interest in food- and drug-anchored centers, even from the large institutional firms.”