Home Alts News Three Grocery-Anchored Shopping Centers Acquired for $51.6 Million

Three Grocery-Anchored Shopping Centers Acquired for $51.6 Million

Phillips Edison Grocery Center REIT II, Inc. (Grocery Center REIT II) announced today it has acquired three grocery-anchored shopping centers for an aggregate cost of $51.6 million.  The properties, each acquired in separate transactions, are located in Ohio, Maryland, and Minnesota. 

On March 27, 2015, Grocery Center REIT II acquired a fee simple interest in Glenwood Crossing, a 101,021 rentable square foot shopping center located on about 13.8 acres in Cincinnati, Ohio, for $7.1 million.   Kroger anchors the center which is 96 percent leased to 11 tenants. 

Rosewick Crossing, a 115,972 rentable square foot center located in La Plata, Maryland, was acquired on April 2, 2015 for $25 million. Anchored by Giant, the shopping center is 82 percent leased to 12 tenants. 

On April 6, 2015, Grocery Center REIT II purchased Waterford Park Plaza in Plymouth, Minnesota for $19.5 million.  Anchored by Cub Foods, the plaza is 96% leased to 24 tenants.  Waterford Park consists of 127,586 rentable square feet and sits on 14.55 acres. 

Grocery Center REIT II currently owns 27 grocery-anchored shopping centers with 3 million square feet in aggregate.