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FAIRFAX COUNTY, VA-Phillips Edison & Co. has acquired Gunston Plaza shopping center here for $12.51 million from Principal Life Insurance Co. R. William Kent and Gary S. Lawrence of real estate firm Insignia/ESG Capital Advisors represented Principal in the transaction. Gunston Plaza is a 208,935-sf facility located along Route 1. Among the anchor tenants are a Food Lion supermarket, US Post Office, Rite Aid pharmacy, McDonald’s and Sun Trust Bank.

There is remaining space at the center, although Insignia/ESG did not provide the amount of space vacant. It did indicate the market is strong. Kent said, “Gunston Plaza has a strong core of necessity and destination retail tenants. Phillips Edison has an opportunity to add significant value to this shopping center by leasing the remaining vacant space.”

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