INDEPENDENCE, MO. — Phillips Edison & Co. has acquired a shopping center in Independence from Centro Properties Group. The purchase was made on behalf of the company's Fund IV and represents its entry into the greater Kansas City market.
Marketplace Shopping Center totals 241,682 square feet and is located at the interchange of Noland Road and Interstate 70. Tenants include anchor Price Chopper and discount retailer Big Lots.
Ingrid Long and Drew Quinn of Grubb & Ellis represented the seller in the deal. The acquisition price was not disclosed.
“The acquisition of Marketplace Shopping Center is consistent with Phillips Edison's strategy of acquiring core and value-add shopping centers anchored by dominant grocers across the country,” said Hal Scudder, chief investment officer for Phillips Edison, in a statement.
This most recent purchase is a familiar one to Phillips Edison. The company currently owns grocery-anchored shopping centers in Kansas, Nebraska and Oklahoma. This year alone, the company has also purchased shopping centers in Fort Smith, Ark.; Aurora, Ill.; and Clackamas, Ore.
— Coleman Wood