ALPHARETTA, GA—Phillips Edison-ARC Grocery Center REIT II, Inc. reports it has acquired the Bethany Village shopping center here anchored by a Publix grocery store.
The deal marks the first grocery-anchored shopping center to be acquired by the Cincinnati-based REIT. The 81,674-square-foot center, located in the affluent suburb of Atlanta, is anchored by a 51,674-square-foot Publix grocery store. Other national tenants at the property include Marco's Pizza, Subway, and Workout Anytime.
No financial terms of the transaction were released. Jeff Edison, CEO of Phillips Edison-ARC Grocery Center REIT II, Inc., says of the deal, “Anchored by a leading grocer and backed by solid real estate fundamentals, Bethany Village sets the example for the types of properties we will look 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.”
Phillips Edison-ARC Grocery Center REIT II, Inc. is a public non-traded REIT that is co-sponsored by Phillips Edison & Company, which has acquired more than $3.25 billion in shopping centers throughout the United States, and real estate investment firm AR Capital, LLC.
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