An Ohio company that bought the Wal-Mart-anchored North Pointe Plaza in North Charleston last year has purchased the adjacent outparcels.
Phillips Edison Grocery Center REIT II Inc. paid $4.9 million this month for the properties occupied by retailers AC Moore and Dollar Tree through an affiliate, county land records show. The two stores have a combined 50,000 square feet of space on about 4.4 acres. The seller was DDR Corp., the previous owner of North Pointe Plaza.
“With this acquisition, the company assumed full control over the leasing and property management of the entire center and its diverse merchandise mix,” Cincinnati-based Phillips Edison said in a written statement.
North Pointe Plaza is at Rivers Avenue and Ashley Phosphate Road. It opened in 1988, and its anchor tenant is Wal-Mart Supercenter.
Phillips Edison paid about $31.9 million for the 324,000-square-foot shopping center in September. A separate real estate investment trust affiliated with the company owns the Publix-anchored Palmetto Pavilion at 8409 Dorchester Road in North Charleston.