Phillip Edison and Co Buys Westgate North Shopping Center in Tacoma

Phillips Edison & Co. Expands Pacific Northwest Portfolio with $37M Acquisition of Tacoma's Westgate North Shopping Center

In a strategic move to bolster its presence in the Pacific Northwest, Phillips Edison & Co. (PECO) has acquired the Westgate North Shopping Center in Tacoma, Washington, for $37 million. This acquisition underscores PECO's commitment to investing in high-performing, grocery-anchored retail centers across the United States.​REBusinessOnline+2REBusinessOnline+2REBusinessOnline+2GlobeNewswire+2rebelpilgrim.com+2Blue Vault+2

A Prime Retail Asset in Tacoma

Located at 2601 N. Pearl St., Westgate North encompasses 74,789 square feet of retail space and boasts a high occupancy rate of 97.9%. The center is shadow-anchored by Safeway, a prominent grocery chain, and features a diverse mix of national and local tenants, including Ace Hardware, Taco Bell, Chase Bank, Franciscan Health System, and Anytime Fitness. ​REBusinessOnline

The property's strong tenant lineup and strategic location make it a valuable addition to PECO's portfolio, aligning with the company's focus on necessity-based retail centers that serve the daily needs of surrounding communities.​rebelpilgrim.com

Strategic Growth and Investment

Phillips Edison & Co., an internally managed real estate investment trust (REIT), specializes in the ownership and operation of grocery-anchored shopping centers. With this acquisition, PECO continues to execute its growth strategy by targeting properties that offer stable cash flows and opportunities for value creation through proactive leasing and property management.​GlobeNewswire+2rebelpilgrim.com+2Blue Vault+2

The transaction was facilitated by JLL Capital Markets, with Gleb Lvovich, Geoff Tranchina, and Daniel Tyner representing the undisclosed seller. ​REBusinessOnline

Implications for Tacoma's Retail Landscape

The acquisition of Westgate North by a nationally recognized REIT like PECO signals confidence in Tacoma's retail market and its economic vitality. As PECO integrates the property into its portfolio, local shoppers and businesses can anticipate continued investment in the center's upkeep and tenant mix, ensuring it remains a vibrant part of the community.​

For more information on this acquisition, visit the original article on REBusinessOnline.