CINCINNATI, Jan. 29 /PRNewswire/ -- Phillips Edison and Company's Fund IV announced today its acquisition of Prairie Point, a 93,000-square-foot shopping center located in Aurora, Illinois, approximately 30 miles west of Chicago. The shopping center was acquired through an all-cash transaction. It is anchored by Dominick's Finer Foods, a Chicago-based supermarket chain which is part of Safeway Inc.
"The Prairie Point shopping center is a great example of what we are looking to acquire across the country in top markets such as Chicago. Anchored by recently remodeled, higher-volume Dominick's and located in a growth submarket of the Chicago MSA, this center will produce a steady return for our investors," says John Bessey, President. "The anchor tenancy, the growth of the population in the area, and the center's location on a high-traffic corner make it a solid investment."
Prairie Point is Phillips Edison's first acquisition in the Greater Chicago MSA and the seventh property in the $300 million Phillips Edison Opportunity Fund IV portfolio. The fund focuses on acquiring value-add and grocery-anchored assets in growth markets.
"This transaction demonstrates Phillips Edison's position as one of the few national shopping center operating companies that has the debt and equity in place to purchase value-add and opportunistic retail in the current market," said Hal Scudder, Chief Investment Officer.
Developed in 1998, Prairie Point is located at the southeast corner of Eola Road and E. New York Street and is well positioned to service the grocery needs of Aurora and western Naperville communities. The city of Aurora is located approximately 30 miles west of downtown Chicago and is the second largest city in the state of Illinois.
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