Business & Real Estate

Ohio investment trust acquires Laguna 99 Plaza in Elk Grove

An Ohio real estate investment trust says it has acquired Laguna 99 Plaza at Highway 99 and Elk Grove Boulevard in Elk Grove.

Cincinnati-based Phillips Edison-ARC Grocery Center REIT II Inc. did not disclose financial details of its purchase of the nearly 90,000-square-foot shopping complex anchored by a Walmart Neighborhood Market. Other center tenants include GNC, Metro PCS and Goodwill.

It was the trust’s second regional purchase in recent weeks.

In October, the trust announced that it had acquired the 141,310-square-foot Commonwealth Square shopping complex in Folsom, reportedly for $20 million. The center, on East Bidwell Street, became its first California property.

The investment trust is co-sponsored by two entities: Cincinnati-based Phillips Edison & Co., which has acquired more than $3.25 billion worth of shopping centers nationwide, and the New York-based AR Capital LLC private equity real estate investing firm.

Call The Bee’s Mark Glover, (916) 321-1184.

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