Phillips Edison & Company Inc., an internally managed real estate investment trust focused on grocery-anchored shopping centers, has purchased Hickory Creek Plaza, a 28,000-square-foot shopping center in Denton, Texas. This is the REIT’s 12th shopping center in the Dallas-Fort Worth market.
Hickory Creek Plaza is shadow anchored by Kroger and includes a mix of national and local retailers including Papa Murphy’s Pizza, Great Clips, H&R Block, Mathnasium, ATI Physical Therapy, Envy Nail Spa, Good Morning Donuts and Pizza Hut. A shadow anchor typically refers to a large retailer that is located on or near a shopping center, but is not part of the property.
“Adding Hickory Creek Plaza to our portfolio advances our proven strategy of owning and operating well-located shopping centers in markets that exhibit favorable long-term economic and demographic fundamentals,” said David Wik, senior vice president of acquisitions at Phillips Edison. “The Dallas-Fort Worth metroplex in particular remains highly attractive to us, as it has seen a significant influx of new residents in recent years due to its diversified job market and high quality of life.”
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 and oversees a portfolio of 308 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.