Phillips Edison Grocery Center REIT III Inc., a real estate investment trust focused on acquiring and owning well-occupied grocery-anchored shopping centers, today announced the acquisition of Ashburn Farm Market Center, a 92,000-square-foot shopping center in Ashburn, Virginia. The purchase marks the first acquisition made this year by PECO III, bringing its total portfolio to six properties representing approximately 563,000 square feet.
Ashburn Farm is anchored by a 49,000-square-foot Giant grocery store and features a dynamic mix of leading national and regional tenants, including AT&T, Domino’s Pizza, Mathnasium, Starbucks, Subway, The Little Gym and The UPS Store. The shopping center sits 33 miles west of Washington, D.C., in a vibrant, affluent and densely populated community that is expected to see significant growth through 2022.
“Ashburn Farm exemplifies our strategy of investing in well-occupied grocery-anchored shopping centers located in thriving markets nationwide,” said Mark Addy, President and Chief Operating Officer of Phillips Edison Grocery Center REIT III. “The Washington, D.C., market represents one of the nation’s fastest-growing regions, and we expect to see continued expansion in Northern Virginia specifically as the Silver Line Rail extension and launch of Amazon HQ2 contribute to additional population growth over the next few years.”
PECO III has a robust acquisitions pipeline from which it continues to source opportunities to acquire high-quality grocery-anchored shopping centers diversified by grocer, geography and tenancy.