A Cincinnati-based real estate investment trust recently bought North Pointe Plaza on Rivers Avenue to reel in a large grocery tenant, the company says.
Phillips Edison Grocery Center REIT II Inc. acquired the 323,996-square-foot shopping plaza anchored by Walmart Supercenter, the number one grocery store by market share in the Charleston area, according to the investment trust.
North Pointe Plaza also features “key national tenants” Subway, Sally Beauty Supply, Pizza Hut and Petco, the Ohio-based investor notes.
The company also bought Island Walk Shopping Center in Fernandina Beach, Fla. — a suburb on Amelia Island 36 miles north of Jacksonville. Publix, the number one grocer by market share in the Jacksonville area, anchors the 213,656-square-foot shopping center. Other national and regional tenants are Starbucks, Mattress One, Staples and Shapiro Insurance Group.
Phillips Edison Grocery Center REIT II says the purchases were to expand the company’s portfolio in South Carolina and Florida.
The investment trust’s sponsor, Phillips Edison, has “a robust acquisitions pipeline managed by a national, in-house acquisitions team,” the company says.
It continues to check out opportunities to buy “high quality grocery-anchored shopping centers diversified by grocer, geography, tenancy, lease expirations and creditworthiness.”
Phillips Edison Grocery Center REIT II Inc. describes itself as a public non-traded real estate investment trust “that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States.”
As of early October, the company owned and managed 40 grocery-anchored shopping centers totaling 4.8 million square feet of leasable space.
For more information, visit www.grocerycenterREIT2.com.
Reach Jim Parker at 937-5542 or firstname.lastname@example.org.