Phillips Edison-ARC Grocery Center REIT II, Inc. recently announced the purchase of Commonwealth Square, marking their first acquisition in the sunshine state. Located in Folsom, California, the shopping center is 141,310 square feet and remains anchored by Sacramento grocer, Raley’s Supermarkets.
Commonwealth Square will be the ninth property in the company’s portfolio and the shopping center will include several other tenants such as Starbucks, H&R Block, Jiffy Lube, the UPS Store, Smashburger, and Papa Murphy’s.
Phillips Edison-ARC Grocery Center REIT II, Inc. is a public non-traded REIT that focuses on the investment and management of grocery-anchored shopping centers. The company has an extensive portfolio with property across six states with an aggregate purchase price of approximately $136 million.