Phillips Edison-ARC Grocery Center REIT II can now add Missouri to the list of states where it owns property.
The non-traded REIT, which is co-sponsored by Phillips Edison and AR Capital, acquired Southfield Shopping Center in St. Louis, Missouri from Fortune Southfield Company, a Missouri limited liability company.
Phillips Edison-ARC Grocery Center REIT II seeks to acquire well-occupied grocery-anchored neighborhood shopping centers that have both national and regional retailers that sell necessity-based goods and services
The REIT paid approximately $18.9 million, exclusive of closing costs, for the grocery-anchored shopping center containing 109,397 rentable square feet located on approximately 12.33 acres of land. The company funded the purchase with proceeds from its public offering.
Southfield Center is 100% leased to 19 tenants and is anchored by Schnucks, which occupies 48,904 rentable square feet and is the number one grocer by market share in the St. Louis metropolitan statistical area. Other tenants include FedEx Office and Great Clips.