Home Alts News Phillips Edison-ARC Grocery Center REIT II Acquires Colorado Shopping Center

Phillips Edison-ARC Grocery Center REIT II Acquires Colorado Shopping Center

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Non-traded REIT, Phillips Edison-ARC Grocery Center REIT II (Grocery REIT II), announced today that it has acquired Kipling Marketplace in Littleton, Colorado, which is part of the Denver metropolitan statistical area.

The shopping center contains 90,124 rentable square feet and sits on approximately 8.69 acres of land. It was purchased from Terramar Retail Centers, LLC, for approximately $12.45 million, exclusive of closing costs. Grocery REIT II funded the acquisition with proceeds from its ongoing public offering.

Kipling Marketplace is anchored by Safeway grocery store, which occupies 50,794 rentable square feet and is the number two grocer in the Denver area. The property is currently 96% leased to 19 tenants including national and regional tenants such as Sylvan Learning, Dairy Queen, Cost Cutters, and H&R Block.

Grocery REIT II has a stout acquisitions pipeline, which is managed by its national, in-house acquisitions team. The team continues to obtain high quality grocery-anchored shopping centers that are diversified by grocer, geography, tenancy, lease expirations, and creditworthiness.

Co-sponsored by Phillips Edison & Company and AR Capital, LLC, Grocery REIT II’s $2 billion offering is still open to new investors through independent broker-dealers that have signed selling agreements with its dealer manager, Realty Capital Securities, LLC.