Expansion In Full Swing: Phillips Edison Acquires Texas-Based Lake Pointe Market

Phillips Edison & Company, Inc. PECO has acquired Lake Pointe Market, a grocery-anchored neighborhood shopping center in Rowlett, Texas. The financial terms were not disclosed.

Lake Pointe Market is a 96.7%-occupied, 40,600-square-foot grocery-anchored neighborhood shopping center.

The acquisition marks PECO's 12th shopping center in the greater Dallas/Fort Worth Metroplex. 

"As previously announced, we plan to acquire $200 to $300 million in net acquisitions this year. In addition, we still have one of the lowest levered balance sheets in the shopping center space, which gives us the financial capacity to meet our acquisition objectives," said Jeff Edison, Chairman and Chief Executive at PECO.

The acquisition has the potential to develop ground-up outparcel retail spaces, increase occupancy, and enhance the existing merchandising mix through the recapture of below-market leases. 

Lake Pointe Market, optimally located at the high-traffic intersection of Dalrock Road and Lakeview Parkway, benefits from more than two million annual visits.

As of June 30, 2023, PECO had $629.1 million of total liquidity, comprised of $9.9 million of cash and equivalents.

Price Action: PECO shares are trading lower by 0.12% to $34.32 on the last check Wednesday.