Phillips Edison & Company, in partnership with Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT), announced the acquisition of Oak Grove Shoppes, a Publix-anchored shopping center in Orlando, Florida. This transaction marks the second acquisition within a programmatic joint venture targeting $300 million in equity.
The Oak Grove Shoppes property is a 142,000 square foot open-air shopping center, redeveloped in 2023 and currently 91% leased. Its anchor, a 48,000 square foot Publix grocery store, opened in 2023, positioning the center to benefit from necessity-driven traffic.
PECO holds a 20% ownership stake in this joint venture, which leverages its deep sector expertise in grocery-anchored shopping centers. The acquisition in the high-growth Orlando market, known for its strong population and job growth, is expected to contribute to PECO's strategic expansion and value enhancement.
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