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Chicago & Midwest   /   February 19, 2021

Paul Bubny
By: Paul Bubny

Phillips Edison Adds 11th Center to Twin Cities Portfolio

Phillips Edison & Company, Inc. (PECO) has acquired West Village Center, a 142,724-square-foot shopping center in Chanhassen, MN. The acquisition serves to bolster PECO’s presence in Minnesota, representing its 11th shopping center in the Twin Cities metropolitan area.

Deal terms weren’t disclosed. The property is anchored by a 64,643-square-foot Lunds & Byerlys, reportedly one of the strongest boutique grocery chains in the country. It features a diverse mix of service, medical and specialty retailers.

“West Village Center exemplifies our strategy of acquiring high-quality, well-occupied shopping centers in markets supported by strong demographic and economic fundamentals,” said David Wik, SVP of acquisitions at PECO.

“The Twin Cities region continues to see steady job and population growth, and as a vibrant and affluent Minneapolis suburb, Chanhassen has been recognized by multiple media outlets as a top place to live and raise a family,” Wik continued.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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