Phillips Edison Grocery Center REIT II Buys Two Grocery-Anchored Properties in CO

Phillips Edison Grocery Center REIT II Inc., a publicly registered non-traded real estate investment trust that focuses on grocery-anchored shopping centers, acquired two properties in Colorado for approximately $63.4 million, exclusive of closing costs.

Meadows on the Parkway is a 216,437-square-foot grocery-anchored shopping center located on approximately 18.6 acres of land in Boulder, Colorado, home to the University of Colorado, the largest university in the state. The property, which is anchored by Safeway, is 89 percent leased to 49 tenants including Regus, Great Clips, Michaels, Anytime Fitness and Fast Signs.

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Broadlands Marketplace is a 103,883-square-foot grocery-anchored shopping center located on approximately 12.4 acres of land in the Denver suburb of Broomfield, Colorado. The property is also anchored by Safeway and is 96 percent leased to 21 tenants including Great Clips, Edward Jones and Subway.

The properties were purchased from W-ADP Broadlands VII LLC and W-ADP Meadows VII LLC, both Delaware limited liability companies.

Earlier this month, The DI Wire reported that Phillips Edison Grocery Center REIT II purchased three grocery-anchored shopping centers in Michigan, California, and Massachusetts.

With the purchase of the two Colorado properties, Phillips Edison Grocery Center REIT II owns and manages a retail portfolio of 35 grocery-anchored shopping centers totaling 3.9 million square feet.