Phillips Edison Grocery Center REIT Acquires Two Shopping Centers

The REIT has now expanded its portfolio to 151 shopping centers in the U.S.

by Laura Calugar

The Harbour Village in Jacksonville, Fla.

The Harbour Village in Jacksonville, Fla.

Jacksonville, Fla. and Niles, Ill.Phillips Edison Grocery Center REIT I Inc. has recently announced the strategic acquisition of two grocery-anchored shopping centers in Jacksonville, Fla. and Niles, Ill. The company has now expanded its portfolio to 151 shopping centers throughout the United States.

Built in 2006, Harbour Village is a 113,004 square foot shopping center in Jacksonville. Located at 13475 Atlantic Blvd., adjacent to The Woods and Queens Harbour Yacht & Country Club, the center is managed by The Fresh Market, a leading fresh format grocer. Harbour Village features national and regional tenants like Stein Mart, Kumon, Planet Beach Tanning, Smoothie King and Woof Gang Bakery. Currently, the shopping center is 100 percent leased.

The Oak Mill Plaza in Niles, Ill.

The Oak Mill Plaza in Niles, Ill.

Oak Mill Plaza is a 163,286 square foot grocery shopping center in Niles, Ill., a suburb located 14 miles northwest of Chicago. The property was built in 1977 and is now anchored by Jewel-Osco, the number one grocer by market share in the Chicago area. MB Financial, Help at Home, Uro Partners, ReMax, State Farm Insurance, Subway and T-Mobile are amongst Oak Mill Plaza’s national and regional tenants. This shopping center still has 5,950 square feet of vacant space available for leasing.

Phillips Edison Grocery Center REIT I Inc. is a public non-traded REIT that seeks primarily well-occupied, grocery-anchored neighborhood shopping centers that have a mix of national and regional retailers, selling necessity-based goods and services across the United States. As of October 2016, the company owns and manages a retail portfolio consisting of approximately 16.3 million square feet.

Images courtesy of ICR Inc.