One of the nation’s largest owners of grocery-anchored centres has advanced another step on its mission to acquire up to $300M worth of properties in 2023.
Phillips Edison & Company has acquired Lake Pointe Market, a 96 per cent-occupied, 40,600sq ft neighbourhood centre in Rowlett, Texas, which boasts 30 miles of shoreline on Lake Ray Hubbard east of Dallas. It is PECO’s 12th centre in the Dallas/Fort Worth metro.
The centre is shadow-anchored by Tom Thumb, the No. 1 grocer by sales in its three-mile trade area and counts H&R Block, Bank of America, Supercuts and OneMain Financial among its tenants.
“We remain focused on our goal of growing our shopping centre portfolio – at the right price – while achieving our acquisition hurdle of a nine per cent unlevered internal rate of return,” PECO CEO Jeff Edison said. “As previously announced, we plan to acquire $200 to $300M in net acquisitions this year. We have one of the lowest levered balance sheets in the shopping centre space, which gives us the financial capacity to meet that objective.”
