Non-Traded REIT Phillips Edison Grocery Center REIT II, Inc. announced today it has acquired its first property in Ohio, the home state of its sponsor.
Harvest Plaza of Akron, Ohio was purchased for about $8 million exclusive of closing costs and includes 7.99 acres of land and 75,866 rentable square feet. Anchored by Giant Eagle, the number one grocer by market share in the Akron region, the plaza is 100% leased to six tenants including Papa John’s, Subway, and Super Cuts.
The REIT funded the purchase with proceeds from its ongoing initial public offering and does not expect to initiate significant repairs or renovations to the property.
Currently, Phillips Edison Grocery Center REIT II, Inc. owns 22 grocery-anchored shopping centers.