Phillips Edison-ARC Shopping Center REIT Inc. Acquires Four Additional Properties and Commits Remaining Equity Proceeds Raised in IPO
CINCINNATI, Ohio, May 5, 2014 /PRNewswire/ -- Phillips Edison–ARC Shopping Center REIT Inc. (the "Company") today announced that it completed four grocery-anchored shopping center acquisitions. As a result of these acquisitions plus the properties for which the Company has contracted to acquire, the Company has committed all of the net equity proceeds raised in its initial public offering.
The Company's portfolio now consists of 102 properties located in 24 states and leased to 31 leading grocery store anchors. The four grocery-anchored shopping center acquisitions expand the Company's presence in three states Illinois, Kentucky, and Virginia, and add the first property located in Tennessee to the portfolio.
The acquisitions include: Burbank Plaza, anchored by Jewel-Osco in Burbank, Illinois; Hamilton Village, anchored by Walmart Supercenter in Chattanooga, Tennessee; Statler Square, anchored by Kroger in Staunton, Virginia; and Waynesboro Plaza, anchored by Martin's in Waynesboro, Virginia. The aggregate purchase price for all of the acquisitions totaled approximately $73 million and the acquisitions resulted in the addition of approximately 736,000 square feet to the Company's portfolio.
"Increasing the size of our portfolio to over 100 properties and committing all of the net equity proceeds raised in our initial public offering represent two important milestones for the Company," stated Jeff Edison, Chairman of the Board and Chief Executive Officer.
Going forward, the Company intends to use moderate leverage to continue to acquire grocery-anchored shopping centers diversified by geography, grocery anchor, industry, lease expirations and creditworthiness.
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 May 5, 2014, the Company owned and managed an institutional quality retail portfolio consisting of 102 grocery-anchored shopping centers totaling approximately 11 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.