Phillips Edison-ARC Shopping Center REIT Inc. Acquires 12 Properties in May; Announces Participation in NAREIT REITWeek
CINCINNATI, June 3, 2014 /PRNewswire/ -- Phillips Edison–ARC Shopping Center REIT Inc. (the "Company") today announced that it completed the acquisition of 12 grocery-anchored shopping centers in the month of May.
The Company's portfolio now consists of 114 properties located in 25 states and leased to 32 leading grocery store anchors. The 12 grocery-anchored shopping center acquisitions expand the Company's presence in five states, Florida, Kentucky, Pennsylvania, South Carolina and Texas, and add the first property located in Nevada to the portfolio.
The acquisitions include: Kirkwood Market Place, anchored by Sprouts in Houston, Texas; Hampton Village, anchored by Publix in Taylors, South Carolina; Fairview Plaza Shopping Center, anchored by Giant in New Cumberland, Pennsylvania; Townfair Center, anchored by Giant Eagle in Indiana, Pennsylvania; Southwest Marketplace, anchored by Smith's Food and Drug in Las Vegas, Nevada; Central Station, anchored by Kroger in Louisville, Kentucky; Park View Square, anchored by Winn-Dixie in Miramar, Florida; St. John's Commons, anchored by Winn-Dixie in Jacksonville, Florida; Deerwood Lake Commons, anchored by Publix in Jacksonville, Florida; Heath Brook Commons, anchored by Publix in Ocala, Florida; West Creek Commons, anchored by Publix in Coconut Creek, Florida; and Broadway Promenade, anchored by Publix in Sarasota, Florida.
The aggregate purchase price for all of the acquisitions totaled approximately $186 million and the acquisitions resulted in the addition of approximately 1.1 million square feet to the Company's portfolio. These acquisitions bring the aggregate purchase price for the entire portfolio to over $1.7 billion. The portfolio now includes approximately 12 million square feet of gross leaseable area.
"Now that we have committed the remaining net equity proceeds raised in our initial public offering, we are focused on closing on properties and continuing to build our portfolio using modest leverage," said Jeff Edison, Chairman of the Board and Chief Executive Officer. "We are pleased to add these 12 high-quality properties to our portfolio."
The Company also announced its participation in NAREIT REITWeek June 3 – 5, 2014.
About Phillips Edison – ARC Shopping Center REIT Inc.
Phillips Edison-ARC Shopping Center REIT Inc. is a public non-traded REIT that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. The Company is co-sponsored by two industry leaders: Phillips Edison & Company, who has acquired over $3.25 billion in shopping centers throughout the United States, and AR Capital, LLC, a real estate investment program sponsor dedicated to governance best practices. As of June 3, 2014, the Company owned and managed an institutional quality retail portfolio consisting of 114 grocery-anchored shopping centers totaling approximately 12 million square feet. For more information on the Company, please visit the Company's website at www.phillipsedison-arc.com.
SOURCE Phillips Edison - ARC Shopping Center REIT Inc.