An Ohio real estate investment trust announced this week that it has acquired the Commonwealth Square shopping complex in Folsom.
The 141,310-square-foot center along East Bidwell Street is the first California property of Cincinnati-based Phillips Edison-ARC Grocery Center REIT II Inc.
The nearly $20 million purchase of the Folsom site is the ninth property in the trust’s portfolio. The nine acquisitions in six states represent a combined purchase price of about $136 million, according to the trust.
Commonwealth Square is anchored by a Raley’s supermarket and also includes Starbucks, H&R Block, Jiffy Lube, s UPS Store, Smashburger and Papa Murphy’s.
The REIT is co-sponsored by two entities: Cincinnati-based Phillips Edison & Co., which has acquired more than $3.25 billion in 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.