Phillips Edison Grocery Center REIT II Acquires Three Grocery-Anchored Shopping Centers

Public, non-traded REIT Phillips Edison Grocery Center REIT II (Grocery Center REIT II) recently acquired close to 400,000 square feet of grocery store-anchored shopping center space across three transactions for an aggregate outlay exclusive of closing costs of $55.3 million. 

The 111,304 square foot Quivira Crossings was acquired December 16, 2014 for $14.5 million.  Located in Overland Park, Kansas, it’s anchored by Price Chopper and includes other tenants such as State Farm and Just for Hair. The property is currently 98% leased to 17 tenants. 

Grocery Center REIT II followed the Quivira purchase with two more on December 22. 

The REIT acquired Farmington, New Mexico’s Plaza Farmington, a 140,803 square foot shopping center anchored by Safeway for $15.7 million.  Best Buy, Petco, and TJ Maxx are other notable tenants. Currently, the center is 89% leased to six tenants. 

 To the north, Grocery Center REIT II purchased a 140,949 square foot shopping center anchored by Cub Foods in Shakopee, Minnesota.  The shopping center, Crossroads of Shakopee, cost the REIT $25.1 million. Currently, it is 98% leased to 17 tenants. 

The REIT does not believe any of the properties require significant renovations. 

Through the end of September 2014, the REIT had raised $425 million in equity capital of its $2 billion offering.