Phillips Edison Grocery Center REIT II Acquires Dallas Area Shopping Center
February 18, 2018 | Sue Hatfield-Green | Blue Vault
Phillips Edison Grocery Center REIT II, Inc. (“PECO II”), a public nontraded REIT, purchased Seville Commons, a grocery-anchored shopping center in Arlington, Texas. Seville Commons is anchored by a Walmart Neighborhood Market and features Chase Bank, Chipotle, GNC, Metro PCS, Sprint, and Subway. The announcement was made on February 13, 2018, by Senior Vice President of Acquisitions David Wik of Phillips Edison & Company (Phillips Edison), who added that the acquisition supports Phillips Edison’s goals of providing first-class grocery-anchored shopping centers, which increase value to the community and shareholders.
Phillips Edison’s national in-house acquisitions team continues sourcing opportunities to acquire high-quality grocery-anchored shopping centers that are diversified by grocer, geography, and tenancy, such as Seville Commons.
As of September 30, 2017, PECO II owned and managed an institutional-quality retail portfolio of 83 grocery-anchored shopping centers totaling approximately 10 million square feet.
PECO II’s sponsor, Phillips Edison & Company. (“PECO”) an internally-managed real estate investment trust, is one of the nation’s largest owners and operators of market-leading, grocery-anchored shopping centers. The company manages a diversified portfolio of over 345 shopping centers – 236 of which it owns directly – comprising approximately 26.3 million square feet located in 32 states.
Phillips Edison Grocery Center REIT I, Inc., completed the acquisition of Phillips Edison Limited Partnership’s real estate assets and asset management business on October 4, 2017, and the combined company is known as Phillips Edison & Company (PECO).
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