Phillips Edison Adds Second Shopping Center to Michigan Portfolio
- Sep 28, 2016
By Alexandra Pacurar
Detroit—Phillips Edison Grocery Center REIT II announced the acquisition of Livonia Plaza in Livonia, Mich., for roughly $20 million, from Ramco-Gershenson Properties Trust. The 137,000-square-foot shopping center is the company’s second property in the state and it adds to an extensive portfolio of roughly 70 retail properties across the U.S. The transaction was brokered by a Mid-America Real Estate Corporation investment sales team led by principals Ben Wineman and Daniel Stern.
Kroger is the anchor tenant at Livonia Plaza, which is home to national and regional retailers such as TJ Maxx, Sally Beauty Supply, Pearle Vision and GNC. US Armed Forces Recruiting Center, Subway, H&R Block, and Fantastic Sam’s are also operating under the same roof.
Phillips Edison has a complex, nation-wide acquisition strategy aiming at high quality, grocery-anchored shopping centers diversified by grocer, geography, tenancy, lease expirations and creditworthiness. The company prefers sunny states such as California and Florida, where it has purchased a total of 24 properties.
Image courtesy of Mid-America Real Estate Group