CINCINNATI, Oct. 18, 2011 /PRNewswire/ -- Phillips Edison Strategic Investment Fund II has purchased Brookfield Towne Centre in Brookfield, Wisconsin. The 188,000-square-foot, mixed-use project is anchored by Sendik's Fine Foods, an independent Milwaukee grocer since 1926. The center also includes more than two dozen shops, restaurants and services, as well as 32,000 square feet of office space. The property was purchased from Harris Bank who foreclosed on it in 2010.
"We are really excited about this investment opportunity because we have been looking to buy a mixed-use/ lifestyle project that had the right ingredients for success. We are confident that our experienced operating platform can maximize the center's potential," said David Birdsall, Senior Vice President in charge of the fund. "Sendik's is a legend among Milwaukee retailers and gives us a high quality tenant we can merchandise around. The strong demographics of the surrounding market will allow us to attract best-in-class retailers. Brookfield Towne Centre is also ideal for the suburban office user who wants the amenities of a bigger office building but doesn't want the price tag. The center includes underground parking for the office tenants, giving us a competitive advantage."
This is the first purchase for Strategic Investment Fund II, a follow-on fund of Strategic Investment Fund I that Phillips Edison established in 2007 to focus on buying distressed development projects, power centers and lifestyle properties. With Fund I fully invested, the company raised an additional $57 million of new equity from its well-established pool of high net worth investors to continue to use its operating expertise to take advantage of opportunities in the marketplace.
Phillips Edison & Company is a fully integrated retail real estate company which owns and manages more than 240 neighborhood and community shopping centers totaling over 26 million square feet in 35 states. The company has headquarters in Cincinnati and Salt Lake City, as well as regional offices across the country. For more information, visit www.phillipsedison.com.
SOURCE Phillips Edison & Company