Phillips Edison acquires center in California

Property 'in need of redevelopment'

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Phillips Edison & Co. added another retail center to its holdings with the recent purchase of Lassen Shopping Center in Susanville, Calif. Neither the seller's identity nor the sales price was disclosed. Comprising 79,187 square feet, the property was anchored by Dollar Tree and Lassen Career Network at the time of sale. According to John Bessey, vice president of acquisitions for Phillips Edison, the shopping center is "tired and in need of redevelopment." ...