Phillips Edison Continues Expansion

Cincinnati-based Phillips Edison continues its national retail shopping spree.
Moreno Marketplace - Moreno Valley, Calif.

Moreno Marketplace – Moreno Valley, Calif.

Mere weeks after completing a three-state acquisition totaling 653,383 square feet of retail space, Phillips Edison Grocery Center REIT II has added two more assets to its already expansive portfolio.

The Cincinnati-based REIT has expanded its presence in Arizona and Florida, with the purchase of two grocery-anchored shopping centers totaling 166,017 square feet. Terms of the transaction were not disclosed.

Phillips Edison acquired the 88,225-square-foot 51st and Olive Square in Glendale, Ariz., a northwest suburb of Phoenix. Anchored by Fry’s Food and Drug grocery store, the center is also home to tenants such as Leslie’s Poolmart, Papa Murphy’s and a UPS Store.

The company also purchased the 77,792-square-foot Grand Bay Plaza retail center in Fort Myers, Fla. The center is anchored by a Publix grocery store, and includes national and regional retailers such as Sherwin Williams, First Choice Haircutters, Subway and Coast Dental.

Following this month’s shopping spree, Phillips Edison’s portfolio includes 49 grocery-anchored shopping centers totaling close to 6 million square feet.

Photo courtesy of Strategic Realty Trust