Pierce County shopping center sells for $41M. Here’s who bought it
AI-generated summary reviewed by our newsroom.
- Phillips Edison-affiliated LLC acquired Surprise Lake Square for just over $41 million.
- Sale recorded Oct. 16 marks PECO's second Pierce County acquisition this year.
- Center hosts Grocery Outlet and national chains; Safeway is shadow anchor.
A Milton shopping center that was first developed in the 1980s has a new owner.
Surprise Lake Square shopping center property that includes 900, 920, 940, 960 and 980 Meridian East sold this month to an LLC affiliated with Phillips Edison & Co. (PECO) of Cincinnati for just over $41 million, according to Pierce County records.
The site was sold by an LLC affiliated with Tourmaline Capital of San Diego.
The sale, which was recorded Oct. 16, was the second major purchase by Phillips Edison in the area. In April, The News Tribune reported that the real-estate entity purchased Westgate North Shopping Center for $37 million from an LLC affiliated with Washington, D.C.-based EDENS commercial real estate firm.
The site is shadow anchored by Safeway (the grocer owns its site) and was formerly home to a Rite Aid, which closed this year as part of the chain’s bankruptcy.
It is also home to a Grocery Outlet, which is potentially expanding with more locations in Pierce County, as The News Tribune reported this week.
PECO’s listing of Surprise Lake Square on its website noted the “population exceeds 55,500 in a three-mile radius with an average household income greater than $123,100.”
Other tenants, according to PECO, are Dollar Tree, MOD Pizza, Anytime Fitness, Papa Murphy’s Pizza, The UPS Store, Great Clips, and T-Mobile.
The sale was first reported on The Registry real estate news website.
