Cincinnati-based Phillips Edison Grocery Center REIT II has acquired three grocery-anchored neighborhood shopping centers in the coastal Florida communities of Melbourne, Rockledge and Cocoa for a combined $29.8 million. The 90.6-percent leased portfolio consists of a total 236,324 square feet along the coast of Brevard County. Two Publix-anchored centers, Windover Square in Melbourne and Rockledge Square in Rockledge, are included in the deal along with Port St. John Plaza in Cocoa. HFF represented the vendor, a joint venture between PMAT and an investment account managed by Hunt Investment Management.
Phillips Edison Grocery Center REIT II acquires and manages neighborhood shopping centers throughout the United States. Its portfolio includes 44 grocery-anchored shopping centers totaling 5.3 million square feet of gross leasable area.
“An opportunity to acquire a portfolio of high-volume grocery-anchored centers within an expanding market appealed to buyers,” managing director of HFF Luis Castillo said. “The seasoned history of the portfolio coupled with excellent positioning within the Melbourne MSA resulted in a highly competitive process.”
