Phillips Edison buys in Pennsylvania

Phillips Edison & Co., a retail real estate owner, manager and developer, this week announced the purchase of Orchard Plaza in Altoona, Pa.

Orchard Plaza is an 83,438-square-foot center anchored by Big Lots.

The value of the transaction was not disclosed.

Phillips Edison principal Jay Vigdor said in a press statement that the purchase "provides us the opportunity to re-lease and re-position this viable property in a key market and gives us a strong foothold in Blair County as we seek to purchase other value-add properties within central Pennsylvania."

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