Phillips Edison Limited Partnership and AR Capital, LLC Announce Simplification of Advisory Relationship for Phillips Edison-ARC Shopping Center REIT Inc.
CINCINNATI, Dec. 4, 2014 /PRNewswire/ -- Phillips Edison Limited Partnership ("Phillips Edison") and AR Capital, LLC ("AR Capital") announced today the simplification of its advisory relationship for Phillips Edison-ARC Shopping Center REIT Inc. ("the Company").
The Board of Directors of Phillips Edison-ARC Shopping Center REIT Inc. ("Board of Directors") accepted the resignation of its advisor, American Realty Capital II Advisors. The Company has entered into a new one-year advisory agreement with its former sub-advisor, Phillips Edison NTR LLC, a subsidiary of Phillips Edison. Phillips Edison NTR LLC will assume all duties of the former advisor and sub-advisor.
In connection with the resignation of American Realty Capital II Advisors, the Board of Directors also accepted the resignation of Board Member Bill Kahane.
The Board of Directors also approved the change of the Company's name to Phillips Edison Grocery Center REIT I, Inc.
"The Company has completed its equity raise and deployed all of the net proceeds raised during its initial public offering. Given the evolution of the non-traded REIT life cycle, simplifying the advisory relationship was the next natural step towards an eventual liquidity event," said Bill Kahane, Co-Founder of AR Capital, LLC.
"We appreciate the support of AR Capital and its efforts to get us here. Our focus has shifted from raising and deploying capital to operating our properties. We believe consolidating the advisory structure under Phillips Edison will strengthen that focus as we prepare for an eventual liquidity event," said Jeff Edison, Chairman and CEO of the Company and Principal of Phillips Edison.
About the Company
Phillips Edison Grocery Center REIT I, 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. As of December 4, 2014, the Company owned and managed an institutional quality retail portfolio consisting of 136 grocery-anchored shopping centers totaling approximately 14.5 million square feet.
About Phillips Edison Limited Partnership
Phillips Edison Limited Partnership and its affiliates offer a complete range of retail solutions for investors and retailers. Phillips Edison has a fully integrated operating platform designed to optimize property value and consistently deliver a great shopping experience. Phillips Edison provides retail services including development, redevelopment, leasing and management of retail centers. Established in 1991, the company's portfolio currently includes a national footprint of retail properties. The Company has corporate offices in Cincinnati, Salt Lake City, New York City and Atlanta. For more information, please visit www.phillipsedison.com.
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SOURCE Phillips Edison Limited Partnership
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