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Phillips Edison Grocery Center REIT III buys Va. shopping center for $31M

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Phillips Edison Grocery Center REIT III buys Va. shopping center for $31M

A Phillips Edison Grocery Center REIT III Inc. unit purchased the 91,905-rentable-square-foot Ashburn Farm Market Center in Ashburn, Va., from Regency Realty Group for about $30.9 million.

The shopping center real estate investment trust used cash and proceeds from its revolving credit facility to fund the purchase of the 98.3%-leased shopping center.