Home Alts News Phillips Edison Grocery Center REIT II Acquires Near Atlanta

Phillips Edison Grocery Center REIT II Acquires Near Atlanta

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Public, non-traded real estate investment trust (REIT) Phillips Edison Grocery Center REIT II, Inc. announced today the purchase of a fee simple interest in a grocery-anchored shopping center for $24.5 million, exclusive of closing costs.

Located in Alpharetta, Georgia, the property, Old Alabama Square, sits on 12.8 acres of land and contains 103,268 rentable square feet. At the time of acquisition the shopping center was 86 percent leased to 27 tenants.

The Fresh Market, a customer-focused, fresh format grocery store chain with 168 stores in 27 states, anchors Old Alabama Square occupying 18,400 square feet. Other tenants include Walgreens, Firehouse Subs, Verizon Wireless, and State Farm.

The REIT funded the acquisition with proceeds from its ongoing initial public offering.

Grocery Center REIT II launched its $2 billion public offering in November 2013 and as of June 8, 2015, had raised aggregate gross offering proceeds of about $896.9 million.