Phillips Edison-ARC Grocery Center REIT II (Grocery Center REIT II) recently announced that it has acquired its second grocery-anchored shopping center, Staunton Plaza. The property, which contains approximately 80,265 rentable square feet, was purchased for approximately $17.2 million, exclusive of closing costs.
Grocery Center REIT II is a publicly registered non-traded REIT which seeks to invest primarily in 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 REIT is co-sponsored by Phillips Edison Limited Partnership and AR Capital, LLC.
Staunton Plaza is located on approximately 11.1 acres of land in Staunton, Virginia.
Grocery Center REIT II funded approximately $4.6 million of the purchase price with proceeds from its ongoing initial public offering and assumed a loan secured by a first mortgage on the property, with a remaining principal balance of approximately $12.6 million, for the remainder of the purchase price.
As of April 30, 2014, Staunton Plaza is approximately 100% leased to five tenants, including a Martin’s grocery store, which includes a fuel center, and Five Guys.
“We are pleased to include Staunton Plaza in our growing portfolio of grocery-anchored shopping centers. It is a well occupied center that aligns with our acquisition strategy,” said Jeff Edison, CEO of the REIT.