Phillips Edison & Co. acquires grocery-anchored shopping center in Rowlett, Texas
Phillips Edison & Company (PECO) announced that it has acquired Lake Pointe Market, a 96.7 percent-occupied, 40,600-square-foot grocery-anchored neighborhood shopping center located in Rowlett, Texas. The center is shadow anchored by a Tom Thumb, one of the state’s top-ranking grocers. A sales price was not disclosed.
Lake Pointe Market’s merchandising mix features a blend of leading national, regional and local retailers, of which more than 70 percent provide necessity-based goods and services, including H&R Block, Bank of America, Supercuts and OneMain Financial, as well as a variety of local shops that include personal services, restaurants and medical uses. Located at the intersection of Dalrock Road and Lakeview Parkway, Lake Pointe Market benefits from more than 2 million annual visits. The center is situated in a three-mile trade area with an estimated population of more than 52,500 residents and an average household income of $119,300.