Phillips Edison Announces Promotions of Strategic Investment Fund Executives
CINCINNATI, May 8, 2013 /PRNewswire/ -- Phillips Edison & Company has promoted David Birdsall to the position of president of the Strategic Investment Fund (SIF) division of the company. In addition, Phillips Edison veterans Roy Williams and Scott Mitchell have been promoted to senior vice president positions in the SIF division.
As president of SIF, Birdsall oversees the acquisition of ownership interests in large-scale retail and mixed-use assets with significant value-add potential. Focused on operationally complex assets, the SIF team uses its experience in development, redevelopment, leasing and operations to create significant value for the investors in their funds.
Michael C. Phillips, CEO of Phillips Edison & Company, said, "Under David's leadership, our Strategic Investment Fund division has become a significant source of growth for Phillips Edison. His solid experience in retail real estate development and investment management has been an exceptionally valuable asset in this unique part of our business."
For more than 20 years, Phillips Edison's primary focus has been on the acquisition and operation of grocery-anchored neighborhood shopping centers. The SIF division adds a different dimension to the company's investment strategy, having acquired and/or developed more than 3 million square feet of retail real estate since the 2007 inception of Strategic Investment Fund I. That $65 million fund acquired Bridgewater Falls, a lifestyle/power center in Fairfield Township, Ohio; Fort Smith Pavilion, a 400,000-square-foot power center in Fort Smith, Arkansas; and Parkside, a Kohl's-anchored joint venture project in Frankfort, Kentucky. In 2010, Strategic Investment Fund II raised an additional $55 million in equity, which funded the acquisitions of Kenwood Towne Place, the long-stalled mixed-use development adjacent to Kenwood Towne Centre in Cincinnati; and Parmatown Mall, a prominent retail destination for over 40 years in Parma, Ohio, the largest suburb of Cleveland.
Birdsall joined Phillips Edison in 2007 after 10 years as vice president of investments for the Midwest region of Florida-based Regency Centers. He began his real estate career at the Midland Group, a St. Louis-based developer of Kroger shopping centers.
Roy Williams joined Phillips Edison in 1995 and served in leadership roles in property management and development prior to the creation of the SIF group in 2007. Williams opened Phillips Edison's western region office in Salt Lake City in 2002. He is currently responsible for the comprehensive redevelopment of Parmatown Mall, as well as identifying additional acquisitions opportunities in the western region.
Scott Mitchell joined Phillips Edison in 1995 and served in leadership roles in leasing and redevelopment prior to moving into the SIF group. Based in Cincinnati, he is currently responsible for leasing activity at SIF properties and identifying opportunities in the eastern region.
Phillips Edison & Company is a fully integrated, privately owned retail real estate company whose portfolio includes more than 260 neighborhood and community shopping centers in 35 states. The company has headquarters in Cincinnati and Salt Lake City, as well as regional offices across the country. For more information, visit www.phillipsedison.com.
SOURCE Phillips Edison & Company
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