Phillips Edison makes Virginia purchase

Developer plans improvements

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Phillips Edison & Co. recently acquired the 112,340-square-foot Pulaski Plaza in Pulaski, Va. The value of the transaction was not disclosed. At the time of sale, the property was anchored by a 29,000-square-foot Food Lion grocery store. "Pulaski represents another opportunity for us to focus our leasing and management efforts on a shopping center turn-around where we know from history that we will add value by stabilizing the center for the long term," said Mark Addy, chief operating officer for Phillips Edison. Phillips Edison & Co. is a retail real estate owner, manager and developer operating in 26 states. ...