Phillips Edison & Company Acquires Surprise Lake Square Retail Center In Milton For $41M

Phillips Edison & Company has acquired a retail center located at 900 Meridian Avenue East in Milton, WA. The property, known as Surprise Lake Square, consists of 139,605 square feet and was sold for $41,000,000. The center, which was built in 1984 and renovated in 2007, has a current leasing status of 85%, featuring tenants such as Grocery Outlet, Dollar Tree, and Mod Pizza.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $41,000,000
• Square Footage: 139,605
• Address: 900 Meridian Avenue East
• Market: Milton, WA
• Price per Square Foot: $294
• Buyer: Phillips Edison & Company
• Seller: Tourmaline Capital Partners

This transaction involved Phillips Edison & Company as the buyer, with Tourmaline Capital Partners acting as the seller. The acquisition reflects Phillips Edison & Company's strategy in expanding its portfolio within retail assets.