Phillips Edison-ARC Shopping Center REIT Inc. Closes out 2013 with the Acquisition of 11 Shopping Centers
CINCINNATI, Jan. 13, 2014 /PRNewswire/ -- Phillips Edison-ARC Shopping Center REIT Inc. (the "Company") today announced the acquisition of 11 grocery-anchored shopping centers in the month of December. These acquisitions added two new states to the Company's portfolio, Michigan and Connecticut, as well as a new grocery anchor, Stop & Shop. The Company's portfolio now consists of interests in 83 shopping centers anchored by 28 leading grocers located in 23 states. The Company finished out the year by acquiring 25 total shopping centers in the fourth quarter.
"We doubled our acquisition velocity in the fourth quarter and wrapped up 2013 with the addition of a solid roster of high quality properties to our portfolio. Based on our strong acquisition pipeline and expanded financing capacity under our new credit facility, we believe this pace will continue in the first half of 2014," said Jeff Edison, Chairman and CEO of the Company.
The acquisitions include a seven property portfolio of Walmart Supercenter shopping centers located throughout Ohio, Michigan, and Indiana; Southgate Shopping Center in Des Moines, Iowa; Sterling Pointe Shopping Center in Lincoln, California; Arcadia Plaza in Phoenix, Arizona; and Stop & Shop Plaza in Enfield, Connecticut. The aggregate purchase price for all of the acquisitions totaled $156 million and the acquisitions resulted in the addition of approximately 1.3 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 $2.3 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 January 13, 2014, the Company owned and managed an institutional quality retail portfolio consisting of 83 grocery-anchored shopping centers totaling approximately 8.7 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.