The Real Deal Miami

Ohio REIT adds to Coconut Creek holdings with $10M purchase

Phillips Edison also acquired the adjacent Publix-anchored shops in 2014
Jeff Edison, Phillips Edison principal and CEO, map of Westcreek Plaza, and Robert Myers, COO

Jeff Edison, Phillips Edison principal and CEO, map of Westcreek Plaza, and Robert Myers, COO

The Westcreek Plaza in Coconut Creek sold on Friday for $10.225 million, Broward County records show. 

An affiliate of Cincinnati, Ohio-based Phillips Edison Grocery Center REIT added to its South Florida portfolio with the purchase of the 40,172-square-foot shopping center at 4800 West Hillsboro Boulevard. Wells Fargo granted the buyer a $6.5 million mortgage.

Phillips Edison already owns the West Creek Commons next door, a 67,528-square-foot Publix-anchored shopping center. The public, nontraded real estate investment trust acquired it in May 2014.

Westcreek Plaza sits on 4.4 acres and includes a Duffy’s Sports Grill and Amici’s Pizzeria. Coconut Creek-based Westcreek Plaza LLC was the seller.

It was built in 1987, according to Broward County property records. Its only recorded sale price was in 2000 for $700,000 as part of a larger purchase.

Phillips Edison acquires, manages and invests in grocery-anchored shopping centers, according to the company’s website.