Phillips Edison lands Oklahoma retail

Phillips Edison & Co. continued its expansion in Oklahoma with the recent acquisition of Southern Hills Plaza in Oklahoma City.

The developer paid an undisclosed amount for the property, which is the company’s second acquisition in the state.

Southern Hills comprises 203,524 square feet, and was 63 percent occupied at the time of sale by anchor tenant Dollar Tree and other tenants including Starbucks, Hancock Fabrics, Golf USA, Wendy’s and Joe’s Crab Shack.

Phillips Edison principal Hal Scudder said in a press statement that the “center represents a strong value-add opportunity,” and the company aims to make the property a “productive shopping center for the community.”