Giant
REAL ESTATE

Phillips Edison REIT acquires its sixth property

BY Al Urbanski

Phillips Edison Grocery Center REIT III, a joint venture of Phillips Edison and Griffin Capital, has acquired its first property this year, giving it six in its portfolio.

PECO III’s purchase of Ashburn Farm Market Center, a 92,000-sq.-ft. property in Ashburn, Va., heightens its profile in the Washington, D.C., market area, one of the nation’s fastest growing. The center is anchored by a 49,000-sq.-ft. Giant grocery store and also includes tenants Domino’s Pizza, Mathnasium, Starbucks, and The Little Gym.

Details of the transaction were not released, though Regency Centers is known to have previously owned the property.

“We expect to see continued expansion in northern Virginia as the Silver Line Rail extension and the launch of Amazon HQ2 contribute to additional population growth,” said Mark Addy, president and CEO of PECO III.

Ashburn Farm sits 33 miles west of Washington, D.C., in an area expected to see significant growth through 2022, according to PECO III. Ashburn, also the site of Retail Properties of America’s One Loudoun town center, was named one of the 50 best places to live by Time magazine in 2016.

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