LA PLATA, MD—Cincinnati-based Phillips Edison Grocery Center REIT II has acquired its first retail center in Maryland – Rosewick Crossing, a 115,972 square-foot Giant grocery store-anchored shopping center here. Industry stats show the center is 82% occupied and includes such tenants as Pizza Hut, Hair Cuttery, OneMain Financial, Five Guys and Game Stop.
It traded for $25 million or $216 per square foot, according to public records. The seller was Excel Trust, which purchased Rosewick Crossing and another suburban Maryland strip mall, Brandywine Crossing, in 2010 for $70 million.
Phillips Edison Grocery Center REIT II has been steadily gobbling up assets around the country and in several instances entered new territory. In February, it acquired the Akron-based Harvest Plaza, its first property in Ohio. That same month it acquired Willimantic Plaza, its first property in the state of Connecticut.
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