Suntree Square in Southlake. Photo courtesy of Phillips Edison and Company.
Phillips Edison & Company’s real estate investment trust has acquired Suntree Square in Southlake, according to an announcement by the corporation earlier this month. The Dallas Morning News' business blog reported it also acquired five other grocery-anchored shopping centers, including Market Street in McKinney, and others in Florida, Massachusetts, Connecticut and Nevada.
"Phillips Edison & Company recognized the value and potential of grocery-anchored shopping centers a quarter of a century ago, and they have been our concentration ever since," according to the trust's website.
"This singular devotion has resulted in a national footprint of more than 320 retail properties and a proven track record of optimizing retail property value with our complete operating platform."
Built in 2000, Suntree Square is anchored by Tom Thumb and has additional national and regional tenants including Massage Heights, Brain Balance, Earthwise Pet Supply, Subway, European Wax Center, Pizza Hut and Starbucks. There are currently three vacant spots available for lease.
"The deal brings the company’s portfolio to 69 shopping centers in the US with 8.5 million square feet of retail space," The Dallas Morning News reported. "In the past two years, the company has made $2 billion in acquisitions."
There are 16 Phillips Edison & Company properties in Texas. Suntree Square is situated on West Southlake Boulevard, which benefits from over 46,000 vehicles per day. The Gross Leasable Area (GLA) is 99,269 square feet.
Information provided by Phillips Edison & Company and The Dallas Morning News.