Phillips Edison & Co., a retail real estate owner and developer, has acquired Weis Plaza, a 124,161-square-foot shopping center in Kutztown, Pa.
The value of the transaction was not disclosed.
At the time of sale, Weis Plaza was anchored by Weis Markets, a regional grocer based in Sunbury, Pa.
Phillips Edison plans to upgrade the shopping center, which was approximately 62 percent occupied at closing.
Phillips Edison & Co., with offices in Baltimore, Md.; Cincinnati, Ohio; and Salt Lake City, owns and manages neighborhood and community shopping centers totaling more than 12 million square feet in 26 states.