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Phillips Edison Grocery Center REIT II Acquires Shopping Center in Atlanta Suburb

Phillips Edison Grocery Center REIT II Inc., a publicly registered non-traded real estate investment trust that focuses on grocery-anchored shopping centers, purchased Old Alabama Square, a shopping center in the Atlanta suburb of Alpharetta, Georgia, for approximately $24.5 million.

Old Alabama Square is a 103,268-square-foot shopping center anchored by The Fresh Market grocery store, and is also home to Walgreens, Firehouse Subs, Verizon Wireless and State Farm. The acquisition represents the first Fresh Market grocery-anchored shopping center in the company’s portfolio.

Phillips Edison Grocery Center REIT II Inc. owns and manages a retail portfolio consisting of 30 grocery-anchored shopping centers totaling 3.2 million square feet.