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PHOENIX, ARIZ. — Phillips Edison & Co. has purchased the 170,801-square-foot Village Center retail property from a private party for an undisclosed amount. The development, located on East Cactus Road in Phoenix, is anchored by Target and shadow-anchored by REI. Lenscrafters, Subway, Great Clips and Half Price Books are also housed in the property, which is 85.36 percent occupied.