Phillips Edison Grocery Centre REIT II has purchased Alameda Crossing, a grocery-anchored shopping centre in Arizona, US.
Financial details have not been disclosed.
Located in Avondale, the 132,338ft² shopping centre is anchored by fresh format grocer Sprouts and houses brands such as Tuesday Morning, Big 5, JoAnn Fabrics, Papa Murphy’s, Bank of America, and Sports Clips, in addition to local retailers.
The firm's sponsor Phillips Edison acquires grocery-anchored shopping centres varied by grocer, geography, tenancy, lease expirations and creditworthiness.
A public, non-traded, real estate investment trust, Phillips Edison Grocery Centre REIT II acquires and manages grocery-anchored neighbourhood shopping centres with a mix of national and regional retailers selling necessity-based goods and services, in robust demographic markets across the US.
As of 7 December, it owned and managed a retail portfolio, including 71 grocery-anchored shopping centres.
These shopping centres have a total of approximately 8.8 million square feet.