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Phillips Edison acquires Bakersfield center


Phillips Edison has acquired another grocery-anchored center, this on in Bakersfield, California.

Riverlakes Village is a 92,212-sq.-ft. neighborhood center anchored by Von’s Supermarket and augmented by a classic necessity-based mix of CVS, Verizon Wireless, Bank of America, Supercuts, Steak and Grape’s, and Chipotle.

The center is 97% leased, according to broker CBRE, which did not disclose the sale price.

"The yield premium in the secondary markets such as the Central Valley is compelling for investors in today's low cap rate environment and Riverlakes Village’s excellent grocery and restaurant sales,” said CBRE Executive VP Phillip Voorhees.

Built in 1997, Riverlakes Village consists of six parcels totaling 9.5 acres at the southeast corner of Coffee Road and Hageman Road in Bakersfield.

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