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Phillips Edison Acquires Village Center in Phoenix, Arizona
CINCINNATI, July 15 /PRNewswire/ -- Phillips Edison & Company, a retail real estate owner, manager and developer, announced the purchase of Village Center in Phoenix, Arizona today. This 170,801 square foot community shopping center is anchored by Target and shadow-anchored by REI.
"Village Center, being well located with excellent tenancy, is a great addition to our 25 million square foot portfolio," says Paul Mittman, Director of West Coast Acquisitions.
The center is 85.36% occupied, with national tenants such as Lenscrafters, Subway, Great Clips, and Half Price Books.
"We anticipate approximately $300 million of additional acquisition activity utilizing the same equity fund and credit facility used to acquire Village Center," adds Mittman.
ABOUT PHILLIPS EDISON & COMPANY:
Phillips Edison & Company, with offices in Cincinnati, Baltimore, and Salt Lake City, owns and manages more than 225 neighborhood and community shopping centers totaling over 25 million square feet in 35 states. Specializing in the redevelopment of under-performing grocery anchored shopping centers, Phillips Edison & Company is a fully integrated real estate company that acquires, develops, redevelops, leases and manages its retail real estate portfolio. For more information for Phillips Edison and Company, please view the website at www.phillipsedison.com.
SOURCE Phillips Edison & Company