Phillips Edison Acquires Glidden Crossing Shopping Center
CINCINNATI, Jan. 17, 2011 /PRNewswire/ -- Phillips Edison and Company's Fund IV announced its acquisition of Glidden Crossing Shopping Center, located in DeKalb, Illinois. Chris Labounty of May Center Advisors represented the Seller on the transaction. The 99,091-square-foot shopping center is anchored by Schnuck's supermarket.
"Glidden Crossing was our seventh acquisition of a grocery-anchored center closed in 2010, and our second of the year in the greater Chicago area," said Hal Scudder, Chief Investment Officer.
The shopping center is strategically located on Annie Glidden Road, the primary artery connecting I-88 (East-West Tollway) to Northern Illinois University and the city of DeKalb.
"Glidden Crossing represents an outstanding opportunity to purchase an asset with a strong performing grocery store anchor in a growing market with a diverse economic base," said Derk Taylor, Director of Acquisitions for the Midwest.
Construction on Glidden Crossing was completed in 2007. The property features a 58,000 -square-foot Schnuck's grocery anchor, 16,800-square-foot Goodwill, and 23,000 square feet of shop space with several outparcels.
Other anchored shopping centers acquired by Phillips Edison investment funds in 2010 include: Prairie Point Shopping Center in Aurora, Illinois; Johnson's Creek in Clackamas, Oregon; Marketplace Shopping Center in Independence, Missouri; Lakeside Plaza in Salem, Virginia; Snow View Plaza in Parma, Ohio; and Fort Smith Pavilion in Fort Smith, Arkansas.
Phillips Edison is an operating retail real estate company which currently owns and operates approximately 26 million square feet of shopping centers in 35 states. For more information about Phillips Edison & Company, please visit www.phillipsedison.com.
SOURCE Phillips Edison & Company
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