02/13/2018 | Press release | Distributed by Public on 02/13/2018 11:13
CINCINNATI--(BUSINESS WIRE)-- Phillips Edison & Company (the 'Company') today announced the acquisition of Seville Commons, a grocery-anchored shopping center in Arlington, Texas, by Phillips Edison Grocery Center REIT II, Inc. ('PECO II'), growing PECO II's presence in the greater-Dallas area.
Seville Commons is anchored by a Walmart Neighborhood Market. The 113,472 square foot shopping center features national brands Chase Bank, Chipotle, GNC, La Madeleine, Metro PCS, Sprint and Subway.
'We are excited to further expand our footprint in the suburban Dallas region,' David Wik, Senior Vice President of Acquisitions, said. 'This acquisition supports our goals to provide first-class grocery-anchored shopping centers to add tremendous value to the communities in which they serve and to our shareholders.'
Phillips Edison & Company has a robust acquisitions pipeline managed by a national, in-house acquisitions team from which it continues to source opportunities to acquire high quality grocery-anchored shopping centers diversified by grocer, geography and tenancy.
About Phillips Edison & Company
Phillips Edison & Company. Inc., an internally-managed real estate investment trust (REIT), is one of the nation's largest owners and operators of market-leading, grocery-anchored shopping centers. The company manages a diversified portfolio of over 345 shopping centers - 236 of which it owns directly - comprising approximately 26.3 million square feet located in 32 states. The company's proven, vertically-integrated operating platform allows it to effectively and efficiently acquire, lease and manage its properties, resulting in a history of strong operating results and great shopping experiences. For more information, please visit www.phillipsedison.com.
About Phillips Edison Grocery Center REIT II, Inc.
Phillips Edison Grocery Center REIT II, Inc. is a public non-traded REIT 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 September 30, 2017, the company owned and managed an institutional quality retail portfolio consisting of 83 grocery-anchored shopping centers totaling approximately 10.0 million square feet. For more information, please visit the company website at www.grocerycenterREIT2.com.
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Source: Phillips Edison & Company