Phillips Edison Grocery Center REIT makes strategic buys

Phillips Edison Grocery Center REIT II announced the strategic acquisitions of four grocery-anchored shopping centers in Colorado, Florida and California.

The shopping centers, which collectively comprise 305,422 sq. ft. of retail space, are anchored by leading grocers Publix, Sprouts Farmers Market and Trader Joe’s.



In the first transaction, the company acquired Fairfield Commons, a 143,419-sq.-ft. shopping center located on a dominant intersection in Lakeland, Colorado, which is one of the top-five most populated cities in the state and is seven miles west of downtown Denver. Anchored by the newly-open Sprouts Farmers Market, the shopping center features a robust mix of national and local retailers including TJ Maxx, Planet Fitness, Rue 21, the Mattress Firm and CitiFinancial. The outparcels within the property that house Chili’s and Black Eyed Peas were also included in the purchase.



In the second transaction, the company acquired two Publix-anchored shopping centers in Florida: the 74,286-sq.-ft. Sanibel Beach Place in Fort Myers, including a 1.2 acre adjacent outparcel, and the 66,600 square-foot Shoppes at Glen Lakes in Weeki Wachee.



In addition to being anchored by Publix, the number one grocer by market share in both the Fort Myers and Tampa markets, each shopping center features a variety of leading national and local retailers and dining concepts.



In the third transaction, the company acquired the 21,117-sq.-ft. Vineyard Center in Templeton, California. Anchored by the only Trader Joe’s between Templeton and Monterey, Vineyard Center is situated off US 101 and benefits from its competitive position within San Luis Obispo County. The tenant lineup at the shopping center includes many popular local favorites.



The company’s sponsor, Phillips Edison & Company, maintains a robust acquisitions pipeline managed by a national, in-house team of highly experienced commercial real estate professionals.