Denton shopping center acquired by PECO

HickoryCreekPlaza courtesy

Phillips Edison & Company Inc., a real estate investment trust and one of the nation’s largest owners and operators of grocery-anchored shopping centers, has announced the acquisition of Hickory Creek Plaza, a 28,134-square-foot shopping center in Denton. The acquisition marks PECO’s 12th shopping center in the Dallas-Fort Worth market.

Hickory Creek Plaza is shadow anchored by Kroger and includes a diverse mix of national and local retailers including Papa Murphy’s Pizza, Great Clips, H&R Block, Mathnasium, ATI Physical Therapy, Envy Nail Spa, Good Morning Donuts and Pizza Hut. Located just off of Interstate 35, Hickory Creek Plaza is at the nexus of an area with more than 62,300 residents with an average household income of over $112,700.

“Adding Hickory Creek Plaza to our portfolio advances our proven strategy of owning and operating well-located shopping centers in markets that exhibit favorable long-term economic and demographic fundamentals,” said David Wik, Senior Vice President of Acquisitions at PECO. “The Dallas-Fort Worth metroplex in particular remains highly attractive to us, as it has seen a significant influx of new residents in recent years due to its diversified job market and high quality of life.”

PECO has a robust acquisitions pipeline managed by a national, in-house acquisitions team from which it continues to source opportunities to acquire high quality grocery-anchored shopping centers diversified by grocer, geography and tenancy.

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Through its vertically-integrated operating platform, PECO manages a portfolio of 308 shopping centers, including 283 wholly-owned centers comprising approximately 31.7 million square feet across 31 states (as of December 31, 2020). PECO has generated strong operating results over its 30+ year history and has partnered with leading institutional commercial real estate investors including TPG Real Estate and The Northwestern Mutual Life Insurance Company. The Company remains exclusively focused on creating great grocery-anchored shopping experiences and improving the communities it serves one center at a time.