Phillips Edison & Co., a retail real estate owner, manager and developer, announced the purchase of New Market Madison Shopping Center in Madison, N.C.

The value of the transaction was not disclosed.

New Market Madison is a 169,343-square-foot community shopping center, anchored by a Big K-Mart.

The property was approximately 65 percent occupied at the time of purchase.

Phillips Edison & Co. has offices in Baltimore, Maryland, Cincinnati, Ohio and Salt Lake City, Utah. The company owns and manages 222 neighborhood and community shopping centers totaling over 24 million square feet in 34 states.

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