Non-traded REIT, Phillips Edision-ARC Grocery Center REIT II (Grocery REIT II), announced today that it will be expanding its Texas portfolio by two properties.
The REIT focuses on acquiring grocery-anchored neighborhood shopping centers that are occupied by a mix of national and regional tenants. It also seeks properties that are located in strong demographic markets in the U.S., and sell necessity based goods and services.
The newly acquired properties are located in Northpark Village and Spring Cypress Village.
Northpark Village is a 70,479 square foot shopping center located in Lubbock, Texas. It is anchored by a United Supermarkets grocery store, which is the number one grocer in the Lubbock area. Some of the center’s other tenants include GNC and Starbucks.
Spring Cypress Village is located in Houston, Texas. The shopping center consists of 97,550 square feet and is anchored by Sprouts, a market that focuses on natural and organic food. Other national and regional tenants at the center also include Burger King, State Farm Insurance, and Spec’s.
Co-sponsored by Phillips Edison & Company and AR Capital, Grocery REIT II reports a robust acquisition pipeline that is managed by its national, in-house acquisitions team.
The REIT has an offering size of $2 billion, and last month it entered into a $200 million revolving credit facility to finance acquisitions.