Phillips Edison Grocery Center REIT III Buys Massachusetts Retail Property
Phillips Edison Grocery Center REIT III Inc., a publicly registered non-traded real estate investment trust sponsored by Phillips Edison & Company and Griffin Capital Company, has purchased Sudbury Crossing, a 90,000-square-foot grocery-anchored shopping center located in Sudbury, Massachusetts.
Phillips Edison Grocery Center REIT III Inc., a publicly registered non-traded real estate investment trust sponsored by Phillips Edison & Company and Griffin Capital Company, has purchased Sudbury Crossing, a 90,000-square-foot grocery-anchored shopping center located in Sudbury, Massachusetts, for approximately $19 million, exclusive of closing costs.
The property is situated on nearly 10 acres of land and is currently 97.6 percent leased to 17 tenants, including TJ Maxx, The Paper Store, and Rite Aid/Walgreens. The company noted that Sudbury Farms (Roche Bros.), a regional grocery store chain, is located adjacent to the property and is a shadow anchor to Sudbury Crossing, but is not a tenant of Sudbury Crossing itself.
The acquisition was funded from proceeds from the company’s revolving credit facility
Phillips Edison Grocery Center REIT III invests primarily in grocery-anchored neighborhood and community shopping centers leased to a mix of national and regional creditworthy retailers selling necessity-based goods and services in strong demographic markets throughout the United States.
The company’s registration statement for its initial public offering was declared effective by the Securities and Exchange Commission in May 2018. Griffin Capital Securities LLC serves as the dealer manager for the offering.
The company’s current portfolio consists of four properties located in three states totaling 381,000 leasable square feet. According to the company’s prospectus, the properties were purchased for a combined $53.4 million using proceeds from a private placement offering that launched in October 2016 and raised a total of $56.8 million in investor equity.
