STAUNTON, VA—Phillips Edison-ARC Grocery Center REIT II, a recently-formed non-traded REIT in Cincinnati, Ohio, has made its second acquisition—Staunton Plaza, an 80,265-square foot grocery-anchored shopping center.

Staunton Plaza is anchored by a Martin's grocery store that includes a fuel center. Other tenants include Five Guys and Fantastic Sams.

"We are pleased to include Staunton Plaza in our growing portfolio of grocery-anchored shopping centers," said CEO Jeff Edison, in a prepared statement.

"It is a well occupied center that aligns with our acquisition strategy," he says.

ACL Realty Corp. of Atlanta, GA, was the previous owner of the property, according to its website. Phillips Edison did not announce who the buyer was or the purchase price.

The first purchase the REIT made occurred in March 2014 when it snapped up Bethany Village, an 81,674 square foot grocery store-anchored shopping center in Alpharetta, GA, in the Atlanta area. The center is anchored by 51,674-square foot Publix grocery store and also counts Marco's Pizza, Subway, and Workout Anytime among its tenants.

At the time of the trade, Edison said that Bethany Village sets the example for the types of properties it expects to acquire. "It serves as a great foundation as we continue to build our portfolio based on tenant, geographic, industry, lease term and credit diversification," he said.

According to the REIT's prospectus, Phillips Edison-ARC Grocery Center REIT II is planning to invest in grocery-anchored retail centers in areas with strong demographics. Because it is a blind pool, though, it can change its investment mission. Other possible assets it may target include power and lifestyle shopping centers, multi-tenant shopping centers, free-standing single-tenant retail properties, and other real estate and real estate-related loans and securities.