Real Estate Editor Steve Brown at the Dallas Morning News reports that An Ohio-based real estate investment company has purchased a major shopping center in Collin County. Phillips Edison Grocery Center REIT I Inc. said that it has bought the Murphy Marketplace, a 218,598 square foot retail center located just east of Plano in the Collin County town of Murphy. Built by Dallas' Langford Property Co. starting in 2007, the 48-acre retail center is anchored by... [Lowes,] Michaels, 24 Hour Fitness, [En Fuego cigar lounge,] and Tuesday Morning stores.
The retail buildings are constructed around a series of small parks and landscaped pedestrian trails. New owner Phillips Edison Grocery Center REIT I of Cincinnati owns and manages 149 shopping centers totaling approximately 15.9 million square feet.
Terms of the North Texas purchase were not disclosed.