Phillips Edison & Company, Inc., an internally managed non-traded real estate investment trust focused on grocery-anchored shopping centers, has purchased West Village Center, a 142,700-square-foot shopping center in Chanhassen, Minnesota for an undisclosed price. The acquisition is the REIT’s eleventh shopping center in the Minneapolis-St. Paul metropolitan area.
West Village Center is anchored by a 64,600-square-foot Lunds & Byerlys, a boutique grocery chain. Other retailers at the property include Party City, TCF Bank, FedEx, OfficeMax, Caribou Coffee, Great Clips, a nail salon, and an orthodontic office.
“West Village Center exemplifies our strategy of acquiring high-quality, well-occupied shopping centers in markets supported by strong demographic and economic fundamentals,” said David Wik, senior vice president of acquisitions at PECO. “The Twin Cities region continues to see steady job and population growth, and as a vibrant and affluent Minneapolis suburb, Chanhassen has been recognized by multiple media outlets as a top place to live and raise a family.”
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 309 properties. 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.