Non-traded REIT, Phillips Edison-ARC Grocery Center REIT II (Grocery REIT II), recently acquired Colonial Promenade in Winter Haven, Florida, 35 miles south of Orlando. The REIT purchased the property from AM Winter Haven, LLC, a Delaware limited liability company, for a purchase price of $33.3 million, exclusive of closing costs.
The shopping center, which contains 280,228 rentable square feet, sits on approximately 30.9 acres of land and is the REIT’s first property anchored by a Walmart Supercenter.
Grocery REIT II seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers that have both national and regional retailers that sell necessity-based goods and services. It looks to acquire properties in strong demographic markets throughout the United States.
Currently, Colonial Promenade is 97.4% leased to 20 tenants.
Walmart Supercenter, which is the number 2 grocer in Florida by leading market share, occupies 223,038 rentable square feet. Other tenants include Fantastic Sam’s, Sally Beauty Supply, One Main Financial, Five Guys, and Dollar General.
Grocery REIT II’s portfolio now consists of 10 properties with an aggregate purchase price of about $170 million and has other acquisitions in its pipeline. Co-sponsored by Phillips Edison & Company and AR Capital, LLC, Grocery REIT II’s $2 billion offering is still open to new investors.