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Phillips Edison Grocery Center REIT II Buys Three Grocery-Anchored Shopping Centers

Phillips Edison Grocery Center REIT II Inc., a publicly registered non-traded real estate investment trust that focuses on grocery-anchored shopping centers, has acquired three properties in Michigan, California, and Massachusetts.

Crossroads Towne Center is a 102,275-square-foot shopping center in the Ann Arbor suburb of Howell, Michigan. The center is situated on nearly 10 acres and anchored by Kroger, the number one grocer in Southeast Michigan by market share. It is nearly 89 percent leased to 18 tenants, including Great Clips, Jets Pizza, Subway, H&R Block, and Little Caesars. Crossroads Towne Center was purchased from Viking Partners CTC LLC, an unaffiliated Ohio limited liability company, for approximately $8 million, exclusive of closing costs.

Central Valley Marketplace is an 81,897-square-foot shopping center in the Modesto suburb of Ceres, California. The center sits on 7.7 acres and is anchored by PAQ Food 4 Less, a franchisee of PAQ, Inc., which operates 42 supermarkets in California and Hawaii. It is 100 percent leased to 15 tenants, including Starbucks, Game Stop, Panda Express and Wing Stop. Central Valley Marketplace was purchased from Palo Alto Bayshore Investors LLC, an unaffiliated California limited liability company, for approximately $21 million, exclusive of closing costs.

Highlands Plaza is a 112,869-square-foot shopping center in the Boston suburb of Easton, Massachusetts. The center sits on 16 acres of land and is anchored by Hannaford, which operates more than 180 stores on the East Coast. The property is 92 percent leased to 10 tenants, including TJ Maxx, Liberty Mutual and Supercuts. Highlands Plaza was purchased from Highlands Plaza LLC and Highlands Plaza II LLC, two unaffiliated Delaware limited liability companies, for approximately $22.5 million, exclusive of closing costs.

As reported by The DIWire, Phillips Edison Grocery Center REIT II also acquired a grocery anchored shopping center in the Atlanta suburb of Alpharetta, Georgia at the end of June.

With the purchase of the three properties, Phillips Edison Grocery Center REIT II owns and manages a retail portfolio of 33 grocery-anchored shopping centers totaling 3.5 million square feet.