Cincinnati — Phillips Edison-ARC Grocery Center REIT II has acquired its first grocery-anchored shopping center — the 81,674-sq.-ft. Bethany Village in Alpharetta, Ga., an affluent suburb of Atlanta.
A 51,674-sq.-ft. Publix anchors the center. Publix is the number one grocer by market share in the Atlanta metropolitan statistical area. Other national tenants at Bethany Village include Marco’s Pizza, Subway and Workout Anytime.
Phillips Edison-ARC Grocery Center REIT II 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. The company is co-sponsored by two industry leaders: Phillips Edison & Co., which has acquired over $3.25 billion in shopping centers throughout the United States, and AR Capital, a real estate investment program sponsor dedicated to governance best practices.