Phillips Edison-ARC Shopping Center REIT Inc. Acquires 15 Grocery-Anchored Shopping Centers
CINCINNATI, March 19, 2014 /PRNewswire/ -- Phillips Edison–ARC Shopping Center REIT Inc. (the "Company") today announced the acquisition of 15 grocery-anchored shopping centers to its portfolio since year end 2013. These acquisitions expanded the Company's presence in eight states: Georgia, Florida, Illinois, Kentucky, North Carolina, Texas, Virginia and Wisconsin. The acquisitions also added three new grocery anchors to the portfolio: Market Street, Martin's and Sweetbay.
The Company's portfolio now consists of interests in 98 shopping centers anchored by 31 leading grocers located in 23 states.
"We are very pleased to acquire these grocery-anchored shopping centers, as they further diversify our portfolio by geography, grocery anchor, industry, lease expirations and credit. Our acquisitions velocity continues to grow as our acquisitions team harvests opportunities in our pipeline," said Jeff Edison, Chairman and CEO of the Company.
The acquisitions include: Fair Acres Shopping Center, anchored by Pick 'n Save in Oshkosh, Wisconsin; Savoy Plaza, anchored by Schnucks in Savoy, Illinois; The Shops of Uptown, anchored by Trader Joe's in Park Ridge, Illinois; Chapel Hill North, anchored by Harris Teeter in Chapel Hill, North Carolina; a portfolio of two Martin's grocery store anchored shopping centers in Winchester, Virginia; Coppell Market Center, anchored by Market Street in Coppell, Texas; Harrison Pointe, anchored by Harris Teeter in Cary, North Carolina; Villages at Eagles Landing, anchored by Publix in Stockbridge, Georgia; Hurstbourne Townfair, anchored by Walmart Supercenter in Louisville, Kentucky; and a portfolio of five properties in Georgia and Florida comprised of three Publix grocery store-anchored shopping centers, one Kroger grocery store-anchored shopping center, and one Sweetbay grocery store-anchored shopping center.
The aggregate purchase price for all of the acquisitions totaled $261 million and the acquisitions resulted in the addition of approximately 1.6 million square feet to the Company's portfolio.
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 March 19, 2014, the Company owned and managed an institutional quality retail portfolio consisting of 98 grocery-anchored shopping centers totaling approximately 10.3 million square feet. For more information on the Company, please visit the website at www.phillipsedison-arc.com.
SOURCE Phillips Edison - ARC Shopping Center REIT Inc.