Chicago & Midwest + Greater Chicagoland + Retail | February 19, 2021

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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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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