Phillips Edison lands third mall in Dallas area

Retail real estate developer Phillips Edison & Co. recently closed on the purchase of Northgate Plaza in Waxahachie, Texas, for an undisclosed price.

The shopping center comprises 196,590 square feet, and at the time of sale included tenants such as JC Penney, Baylor Fitness Center and Showcase Cinema.

"Northgate Shopping Center is the third shopping center acquisition we have completed in the Dallas-Fort Worth metroplex in 2007," Hal Scudder, vice president of acquisitions for Phillips Edison, said in a statement. "This is a very well-located property in the heart of the rapidly growing Waxahachie trade area. Northgate represents another exciting repositioning opportunity for Phillips Edison," said

The seller's identity was not disclosed.

Phillips Edison specializes in the acquisition and redevelopment of underperforming grocery-anchored shopping centers.

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