Phillips Edison-ARC Buys Grocery-Anchored Shopping Centers for $73 Million

Cincinnati – The acquisition added approximately 736,000 square feet to their portfolio.

Cincinnati – Phillips Edison-ARC Shopping Center REIT Inc. has acquired four grocery-anchored shopping centers. The company’s portfolio now consists of 102 properties in 24 states, leased to 31 grocery store anchors. The purchases include Burbank Plaza, anchored by Jewel-Osco, in Burbank, Ill.; Hamilton Village, anchored by Walmart Supercenter, in Chattanooga, Tenn.; Statler Square, anchored by Kroger, in Staunton, Va.; and Waynesboro Plaza, anchored by Martin’s, in Waynesboro, Va. The Tennessee acquisition represents the company’s first purchase there. The price for the four centers totaled approximately $73 million and the acquisition added approximately 736,000 square feet to Phillip Edison-ARC’s portfolio. The company has now committed all of the net equity proceeds raised in its initial public offering.

Scott Reid

 

 

 

 

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