Phillips Edison-ARC Shopping Center REIT Inc. Acquires 20 Properties During Second Quarter of 2014
CINCINNATI, July 8, 2014 /PRNewswire/ -- Phillips Edison–ARC Shopping Center REIT Inc. (the "Company") today announced the acquisition of 20 grocery-anchored shopping centers during the second quarter of 2014.
The Company's portfolio now consists of 120 properties located in 27 states and leased to 37 leading grocery store anchors. The 20 grocery-anchored shopping centers acquired during the second quarter expanded the Company's presence in seven states: Florida, Georgia, Kentucky, Pennsylvania, Virginia, South Carolina and Texas, and added the first properties located in Massachusetts, Nevada, Tennessee and Washington to the portfolio.
The acquisitions included: Kirkwood Market Place, anchored by Sprouts in Houston, Texas; Hampton Village, anchored by Publix in Taylors, South Carolina; Southwest Marketplace, anchored by Smith's Food and Drug in Las Vegas, Nevada; Hamilton Village, anchored by Walmart Supercenter in Chattanooga, Tennessee; Waynesboro Plaza, anchored by Martin's in Waynesboro, Virginia; Fairview Plaza Shopping Center, anchored by Giant in New Cumberland, Pennsylvania; Townfair Center, anchored by Giant Eagle in Indiana, Pennsylvania; Cushing Plaza, anchored by Shaw's in Cohasset, Massachusetts; Shaw's Plaza, anchored by Shaw's in Easton, Massachusetts; Shaw's Plaza, anchored by Shaw's in Hanover, Massachusetts; Hannaford Bros. Plaza, anchored by Hannaford in Waltham, Massachusetts; 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; Orchards Shopping Center, anchored by Rosauers in Yakima, Washington; Lovejoy Village, anchored by Kroger in Jonesboro, Georgia; 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 $315 million and the acquisitions resulted in the addition of approximately 2.1 million square feet to the Company's portfolio. These acquisitions bring the aggregate purchase price for the entire portfolio to over $1.8 billion. The portfolio now includes approximately 12.6 million square feet of gross leasable area.
"We are excited about the acquisitions we made in the second quarter, and the expansion of our portfolio to include new states and new leading grocers. We also committed all of the net equity proceeds raised in our initial public offering during the second quarter, and we are making significant progress getting that equity into the ground," said Jeff Edison, Chairman of the Board and Chief Executive Officer.
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 July 8, 2014, the Company owned and managed an institutional quality retail portfolio consisting of 120 grocery-anchored shopping centers containing approximately 12.6 million square feet of gross leasable area. 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.