Phillips Edison & Company, an internally-managed real estate investment trust that invests in grocery-anchored shopping centers, has purchased Del Paso Marketplace in Sacramento, California. The acquisition is the company’s fifth shopping center in Greater Sacramento.
Del Paso Marketplace is anchored by a 29,300-square-foot Sprouts Farmers Market and features a mix of local and national tenants including T-Mobile, Chipotle, Ono Hawaiian BBQ, State Farm and Jersey Mike’s subs.
The nearly 60,000-square-foot shopping center is located in the North Natomas neighborhood, which the company noted has a nearly $90,000 average household income within a three-mile radius and strong daytime employment and residential growth.
“Sacramento is an attractive market that has seen tremendous job and population growth, creating a compelling opportunity for us to continue to strengthen our portfolio metrics and deliver strong returns to our shareholders,” said David Wik, senior vice president of acquisitions.
Phillips Edison & Company Inc. (formerly known as Phillips Edison Grocery Center REIT I Inc.) is one of the nation’s largest owners and operators of grocery-anchored shopping centers. The company oversees a portfolio of 330 properties, including 294 wholly-owned properties comprising approximately 33.2 million square feet across 32 states, as of September 30, 2019. The company’s offering was declared effective by the SEC in August 2010 and raised approximately $1.8 billion in investor equity before closing in February 2014.