CINCINNATI, June 25 /PRNewswire/ -- Phillips Edison & Company's Fund IV announced its June 16 acquisition of Johnson Creek, a 106,709-square-foot shopping center located in Clackamas, Oregon, a suburb of Portland. The shopping center was acquired through an all-cash transaction. It is anchored by Trader Joe's, Walgreens and Wholesale Sports.
"The Johnson Creek shopping center exemplifies Phillips Edison's nationwide acquisition focus on well-located anchored properties in major growth markets such as Portland. The center's anchor tenancy and prime location in a strong retail corridor just off I-205 make it an attractive investment that will produce a steady return for our investors," said Paul Mittmann, Director of Acquisitions for the Western Region.
Johnson Creek is Phillips Edison's seventh acquisition in Oregon and the eighth property in the $300 million Phillips Edison Shopping Center Fund IV portfolio. The fund focuses on acquiring value-add grocery-anchored assets in growth markets.
"This transaction demonstrates Phillips Edison's position as one of the few shopping center operating companies that has the debt and equity in place to purchase value-add and opportunistic shopping centers throughout the United States," said Hal Scudder, Chief Investment Officer.
Johnson Creek is located at the intersection of SE Johnson Creek Boulevard and SE 82nd Avenue and is well positioned to service the residents of Clackamas, Happy Valley and other Portland suburbs.
Phillips Edison & Company is a fully integrated retail real estate company which owns and manages more than 240 neighborhood and community shopping centers totaling over 26 million square feet in 35 states. The company has headquarters in Cincinnati and Salt Lake City, as well as regional offices across the country. For more information, visit www.phillipsedison.com.
SOURCE Phillips Edison & Company