Real Estate News

Ohio trust acquires Commonwealth Square retail center

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.