Phillips Edison Grocery Center REIT II Inc., a publicly registered non-traded real estate investment trust, has added two grocery-anchored shopping centers to its roster, expanding the company’s portfolio in Texas and California.
Plano Market Street is a 169,624-square-foot grocery store-anchored shopping center in Plano, TX, a suburb of Dallas. The center is anchored by Market Street. Market Street’s parent is United Supermarkets, an Albertson’s subsidiary. The center also features national tenants World of Beer, Tony & Guy, Medi Weight Loss Clinic and the Little Gym.
West Acres Shopping Center is an 83,414-square-foot grocery store-anchored shopping center in Fresno, California, the fifth largest city in the state. The center is anchored by a Food Maxx grocery store. Food Maxx is a banner of Save Mart, a private chain of supermarkets that owns and operates more than 240 stores in Northern and Central California, and Northern Nevada under the Save Mart, S-Mart Foods, Lucky, Food Maxx and Maxx Value banners. West Acres Shopping Center also features national tenants Best Cuts, Little Caesars and Atlas Healthcare.
This is just the latest in grocery-anchored buys from the non-traded REIT. As The DI Wire previously reported, in July, it bought two centers in Colorado and three other properties in Michigan, California and Massachusetts, and earlier, in June, it purchased a property in an Atlanta suburb.
As of August 5, 2015, Phillips Edison Grocery Center REIT II owned and managed an institutional quality retail portfolio consisting of 37 grocery-anchored shopping centers totaling 4.1 million square feet of gross leasable area.