FOLSUM, CA—The Phillips Edison -ARC trust has purchased a 141,310 square-footgrocery store-anchored shopping center here.
Phillips Edison - ARC Grocery Center REIT II,Inc., says Commonwealth Square, its firstCalifornia acquisition adding the first property in California tothe company's portfolio.
Commonwealth Square is anchored by Raley's, thenumber one grocer based on market share in the greater Sacramentoarea. Other national and regional tenants featured at the centerinclude Starbucks, H&R Block, Jiffy Lube, the UPSStore, Smashburger and PapaMurphy's. The company's portfolio now contains nineproperties representing an aggregate purchase price ofapproximately $136 million.
The company says it has a robust acquisitions pipeline managedby its national in-house acquisitions team to continue to identifyhigh quality grocery-anchored shopping centers diversified bygrocer, geography, tenancy, lease expirations andcreditworthiness.
Phillips Edison - ARC Grocery Center REIT II, Inc. is a publicnon-traded real estate investment trust that seeks to acquire andmanage well-occupied grocery-anchored neighborhood shopping centershaving a mix of national and regional retailers sellingnecessity-based goods and services, in strong demographic marketsthroughout the United States.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
