CINCINNATI—Phillips Edison Grocery Center REIT II, Inc., has just acquired another three grocery-anchored shopping centers, expanding its portfolio in Ohio and Minnesota and acquiring its first shopping center in Maryland. The company did not disclose the prices, but according to public documents the total cost was more than $51 million.
“Because REIT II is still in active offering, Phillips Edison is unfortunately restricted from commenting on the acquisitions,” a representative told GlobeSt.com.
As reported in GlobeSt.com, the Cincinnati-based Phillips Edison typically focuses attention on grocery store-anchored centers in secondary markets, frequently those with the top grocer in its respective region, 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.
Its new purchases include Glenwood Crossing, a 101,021 square-foot shopping center in Cincinnati anchored by a Kroger's, the top grocer in the metropolitan area. This location features a Kroger fuel station and includes national retailers Dollar Tree, GNC, Pizza Hut and Metro PCS. According to documents filed with the SEC, Phillips Edison paid about $7.1 million. Tenants occupy 96% of the space.
In February the company completed the purchase of Harvest Plaza, a grocery-anchored shopping center in Akron at 2801 E. Waterloo Rd. for about $8.0 million, its first purchase in Ohio.
The second new addition to the company's expanding portfolio is Waterford Park Plaza, a Cub Foods-anchored shopping center located in Plymouth, MN, a suburb of Minneapolis. Cub Foods is the leading grocer in the Minneapolis-St. Paul area. It also features national and regional tenants Caribou Coffee, Edward Jones, Fantastic Sams, Huntington Learning Center, Tuesday Morning and Sherwin Williams.
And the third new purchase was Rosewick Crossing, a 115,972 square-foot shopping center anchored by a Giant located in La Plata, MD, about 25 miles south of Washington, DC. Giant is also the number one grocer in its area. Rosewick Crossing features national tenants Pizza Hut, Hair Cuttery, OneMain Financial, Five Guys and Game Stop.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
