A subsidiary of Phillips Edison ARC Grocery Center REIT II Inc has entered into an agreement to acquire Staunton Plaza, an 80,265 rentable square foot shopping plaza on 11.1 acres in Staunton, VA.
The contract purchase price for Staunton Plaza is $17.2 million, excluding closing costs. The buyer intends to fund the purchase of Staunton Plaza with financing proceeds and proceeds from its offering.
Currently, Staunton Plaza is 100 percent leased to five tenants. Martin’s, a regional market-leading grocery store chain, occupies 68,715 rentable square feet at Staunton Plaza. The Martin’s lease expires on September 30, 2026 and the average base rental rate over the remaining lease term is approximately $1.2 million.
Martin’s has eight options to extend the term of its lease by five years each. No other tenant occupies more than 10% of the total rentable square feet at Staunton Plaza.
The buyer has no plans for capital improvements at Staunton Plaza.