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Phillips Edison Grocery Center REIT II strengthens portfolio with three strategic acquisitions

RBR Staff Writer Published 18 April 2016

Phillips Edison Grocery Center REIT II has announced the strategic acquisitions of three grocery-anchored shopping centers in Georgia, New York and Florida.

The shopping centers, which collectively comprise 618,786 square feet of retail space, are anchored by leading grocers Walmart Supercenter, Tops Markets and Walmart Neighborhood Market, respectively.

In the first transaction, the Company acquired Bartow Marketplace, a 375,067 square-foot shopping center located in Cartersville, Georgia, which is 43 miles northwest of Atlanta. Bartow Marketplace is anchored by a 204,170 square foot Walmart Supercenter grocery store and co-anchored by a 130,497 square foot Lowe's. Additional key national and regional tenants include Cricket Wireless, CPR Cell Phone Repair, Rue 21, World Finance Loans, Dollar Tree, Metro PCS, Pearle Vision, Gamestop, Peachstate Auto Insurance, Sally Beauty Supply and Payless Shoe Source.

In the second transaction, the Company acquired University Plaza, a 165,277 square-foot shopping center located in Amherst, New York, a suburb which is 8 miles northeast of Buffalo. Anchored by a 55,000 square foot Tops Markets grocery store and co-anchored by a Dollar Tree and Record Theater, University Plaza is adjacent to The State University of New York at Buffalo, which enrolls approximately 30,000 students a year. Additional national and regional tenants include Key Bank, M&T Bank, Fallas, GameStop, GNC, Sally Beauty, H&R Block, Radio Shack, Rainbow, the UPS Store, Jimmy Johns and QuestDiagnostics.

In the third transaction, the Company acquired 78,442 square-foot Bloomingdale Hills located in Riverview, Florida, which is 12 miles southeast of Tampa. The center is anchored by a 57,756 square-foot Walmart Neighborhood Market grocery store. Other key national and regional tenants at the shopping center include Happy's Home Centers, Great Clips and Great Expressions Dental.

The Company's sponsor, Phillips Edison & Company, maintains a robust acquisitions pipeline managed by a national, in-house team of highly experienced commercial real estate professionals. This team focuses on identifying opportunities to acquire high quality grocery-anchored shopping centers diversified by grocer, geography, tenancy, lease expirations and creditworthiness.

Source: Company Press Release